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Environmental

Environmental Hazards

TermDefinition
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Estate Tenancy at Sufferance The Tenant occupies the premises with the landlord consent but later consent is withdrawn.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
Created by: Jgjg