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MA Real Estate

Leases

TermDefinition
Actual Eviction Legal process where the landlord forces the tenant to vacate the premises. For example, the tenant does not live up to the lease obligations.
Assignment The transfer of rights and interests in property from one person to another. for example, assignment of a purchase & sale agreement or a mortgage.
Constructive Eviction Action by landlord that makes it impossible to remain and therefor effectively terminates the tenancy. For example, the landlord does not maintain the property in habitable conditions.
Demise Conveyance of an interest in real estate for a specific period of time as in rent or lease.
Lessor Landlord
Lessee Tenant
Term The length of time or duration of a lease.
Devise Transfer of property by means of a will. The owner (divisor) transfers to the recipient (divisee)
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 Tenancy for a specific period of time. Can be less than one year. Also known as estate for years.
First Right of Refusal/Right of First Refusal Right to have the first chance to purchase or lease a piece of property.
Flat Lease A lease where the tenant (lessee) pays a fixed rental amount and the landlord (lessor) pays all expenses (also known as a gross lease)
Freehold Estate An estate for an indefinite period of time.
Graduated Lease A lease where the amount of rent increases over the term of the lease. also known as a step up lease.
Gross Lease A lease where the tenant (lessee) pays a fixed rental amount and the landlord (lessor) pays all expenses (also known as a flat or a straight lease)
Ground Lease A lease for the land alone. Separates the ownership of the land and the buildings when the lessee contructs a building, it remains the lessee's property. Usually long term net leases. also called a land lease.
Hold Over Tenant A person who remains after a tenancy has ended.
Index Lease A leas that provides for an adjustment in rent based on changes to some index such as the consumer price index.
Lease An agfreement (written or verbal) between an owner (lessor) and a tenant (lessee) to grant the exclusive right of occupancy to real property for a specific period of time.
Devisee The person who receives the benefits of the will.
Devisor The person whose property is distributed under the will.
Divisee The recipient of real property by means of a will.
Divisor The donor of real property by means of a will.
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 speicif duration that can be terminated at any time by either party. Can be written or verbal. In Massachusetts either party must give 30 day minimum notice as of the rent due date.
Net Lease A lease where the lessee (tenant) pays a fixed rent plus other expenses. Also known as triple net when tenant pays taxes, iinsurance, and other operating expenses.
Lease Option A clause in a 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 teh pruchase of the property by the lessee.
Leased Fee Estate The estate or rights the lessor (landlord) has leased to the lessee (tenant).
Non-Freehold Estate An estate for a definite period of time; a lease.
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 fo sales for that period.
Periodic Tenancy/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.
Rent The fixed, periodic payment by the lessee to the lessor for the use of the leased property.
Right of Possession The right of the lessee to occupy the leased property.
Reversionary Rights The rights remaining with the grantor when less than fee simple is transferred to a grantee. For example, a life estate.
Sale and Leaseback Property owner sells a piece of property and as part of the same transaction, leases it back and keep the right to occupy.
Sandwich Lease A lease where the tenant in lessor-lessee relationship leases to a third party.
Security Deposit A payment by a tenant to a landlord to be held as assurance against default or damage to the property by the tenant.
Step-up Lease A lease where the amount of rent increases over the term of the lease. also known as a graduated lease.
Straight Lease A lease where the tenant (lessee) pays a fixed rental amount and the landlord (lessor) pays all expenses (also known as a gross lease)
Sublet Lease A lease given by the lessee for a part of the premises or part of the time where the lessee retains some interest. (Transfer of the whole lease is an assignment).
Tenancy for Years A form of tenancy that is less than freehold and has a set term with a specific end date. Can be less than a year.
Tenant The party to whol real property is rented (lessee)
Triple Net Lease A lease where the lessee (tenant) pays a fixed rent plus other expenses such as taxes, insurance, and other operating expenses.
Waste A willful act that would hurt or change the structure of the premises.
Created by: medct