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Environmental
Environmental Hazards
Term | Definition |
---|---|
Asbestos | Used widely to manufacture heat resistant materials and insulation before 1970. May cause lung cancer. |
Lead Based Paint | Manufacturing was prohibited in 1978. Buyer have a ten day period to inspect property. Sellers are required to disclose any information. |
Radon | Colorless,odorless radioactive gas. Seller disclosure statement. |
Estate Tenancy at Will | Estate for an undetermined duration usually continue month to month with consent of landlords and tenant. |
Estate Tenancy For Years | A lease created with a certain predetermined duration of time. |
Estate Tenancy from Period to Period | Also called estate from year to year. |
Estate Tenancy at Sufferance | The Tenant occupies the premises with the landlord consent but later consent is withdrawn. |
Lease | An agreement for possession of the land that belongs to the LESSOR ( landlord) for a certain period of time. |
Leasehold Estate | The interest of a tenant in property acquired under a lease agreement. |
Net Lease | Common in comercial leasing, tenant pays rent,plus some or all of the operating expenses. |
Gross Lease | Common in residential housing. Tenant pays a fixed rent and landlord pays operating expenses. |
Escalation Clause | Increase based on future expenses in relation to property tax. |
Percentage lease | Used for retail outlets and department stores. Paid in portion to gross sales and leased retail establishment. |
Base Rent | Specified as a minimum, plus percentage of the gross sales. |
Graduate Lease | Pre-planned rent increase. |
Index Lease | Provides for rent adjustment based on a predetermined index. |
Ground Lease | Usually a long term lease tenant agrees to pay all expenses on land. Found in mobile home parks. Farmers may also utilize a land lease. |
Oil and Gas Lease | Owner executes a lease to a company who searches for oil and gas and receives a percentage. |
Right of first refusal | Allows tenant to match a purchase price or rent offered to a third party. |
Lease with Option | Allows tenant to purchase or obtain additional |