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Chapter 4

Chapter 4 Mass Real Estate

TermDefinition
Actual Eviction Legal process, where the landlord forces the tenant, to vacate the premises (as opposed to constructive eviction).
Assignment The transfer of rights, and interests in property, from one person to another. EXAMPLE: Assignment of a purchase and sale agreement or a mortgage.
Constructive Eviction Action by the landlord, that makes it impossible to remain and therefore effectively terminates the tenancy (As opposed to actual eviction).
Demise Conveyance of an interest in real estate, for a specific period of time, as in rent or lease.
Descent Acquisition of an estate by means of inheritance (without a will).
Devise Transfer of property by means of a will. The owner (deviser) transfers to the recipient (devisee).
Escalation Clause Stipulation in a contract, that allows payments to increase based on certain conditions. EXAMPLE: Increase in an interest rate in the event of late payment or default.
Escalated Lease Lease where the payments vary up or down with certain conditions, such as a change in expenses (taxes, insurance, utilities) or late payments.
Estate for Term Also known as Estate for years; Tenancy for a specific period of time. Can be less than a year.
Freehold Estate An estate for an indefinite period of time (as compared to a Non-Freehold or Lease Estate).
Graduated Lease A lease where the amount of rent increases over the term of the lease.
Ground Lease A lease for the land alone. Separates the ownership of the land and the buildings. When the lessee constructs a building, it remains the lessee's property. Usually long term net leases. Also known as a “Land Lease”.
Gross Lease A lease where the tenant (lessee) pays a fixed rental amount, and the landlord (lessor) pays all expenses (Also known as Flat Lease).
Holdover Tenant A person who remains after a tenancy has ended. See "Tenant at sufferance".
Index Lease A lease, that provides for an adjustment in rent based on changes to some index, such as the consumer price index.
Lease An agreement (written or verbal) between an owner (Lessor), and the tenant (Lessee), to grant the exclusive right of occupancy to real property, for a specific period of time.
Lease Option A clause in lease, that gives the tenant the right to buy the property under certain conditions.
Lease Purchase A transfer of ownership, that begins as a lease and ends with the purchase of the property by the lessee.
Leased Fee Estate The estate or rights the lessor has leased to the lessee.
Lessee The Tenant in a Landlord (lessor) and Tenant (Lessee) relationship.
Lessor The Landlord in a Landlord (lessor) and Tenant (Lessee) relationship.
Net Listing A listing, where the seller is to receive a certain amount, and the broker retains anything above that amount as a fee. Illegal in Mass.
Non-Freehold Estate An estate for definite period of time - a lease. As compared to a Freehold Estate as in a deeded transfer of title.
Option An agreement to keep an offer to purchase, or to sell open for some period of time. The party agreeing to the option terms (usually the seller) is bound by the option, but not the party making the option offer (usually the buyer).
Percentage Lease A lease, where the amount of rent for a period of time, is based on a percentage of sales, for that period.
Periodic Tenancy Same as tenancy from period to period.
Rent The fixed, periodic payment by the leasee to the lessor for the use of the leased property.
Reversionary Rights The rights remaining with the grantor, when less than fee simple is transferred to a grantee. EXAMPLE: Life estate.
Right of First Refusal Right to have the first chance to purchase, or lease a piece of property. May or may not specify additional terms such as price.
Right of Possession The right of the leasee to occupy the leased property.
Right-of-Way The right one to pass over the property of another (a form of easement).
Sale and Leaseback Property owner sells a piece of property, and as part of the same transaction leases it back, and keeps the right to occupy. Often used for accounting and tax purposes.
Sandwich Lease A lease, where a tenant in lessor-lessee relationship leases to a third-party.
Security Deposit A payment, by tenant to landlord to be held as assurance against default, or damage the property by the tenant.
Sublessee A tenant, who has leased property, from a tenant or lessee, who then becomes the “sublessor”.
Sublet At lease given by a leasee for a part of the premises, or part of the time where the leasee retains some interest. Transfer of the total lease is an assignment.
Tenancy at Sufferance A form of tenancy, when the tenant remains after the legal tenancy is over.
Tenancy at Will A form of tenancy with no specific duration, that can be terminated at any time by either party. Can be written or verbal. In Mass. either party must give 30 day minimum notice as of the rent due date.
Tenancy for Years A form of tenancy, that is less then freehold and has a set term with a specific end date. Can be for less than a year.
Tenancy from Period to Period A form of tenancy, that is less than freehold and has no specific end date. Renews at the end of each period, until one of the parties takes action to end the tenancy.
Tenant The party to whom real property is rented (lessee).
Term The length of time or duration of a lease.
Triple Net Lease A lease where tenant pays rent plus taxes, insurance, and other maintenance expenses. Technically redundant as Net Lease means the same, but emphasizes the tenants payment of rent plus all expenses.
Waste Improper use or abuse the property by one in possession, such as a tenant.
Created by: sunaecm4
 

 



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