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Real Estate - Ch. 17

Leases

TermDefinition
actual eviction The legal process that results in a tenant’s being physically removed from leased premises.
assignment The transfer in writing of interest in a bond, mortgage, lease, or other instrument.
constructive eviction Actions of a landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.
estate (tenancy) at sufferance The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after the lease rights have expired.
estate (tenancy) at will An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.
estate (tenancy) for years An interest for a certain, exact period of time in property leased for a specified consideration.
estate (tenancy) from period to period An interest in leased property that continues from period to period— week to week, month to month, or year to year.
gross lease A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.
ground lease A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease.
holdover tenancy A tenancy in which a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law.
lease A written or oral contract between a landlord (lessor) and a tenant (lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent).
lease purchase The purchase of real property, the consummation of which is preceded by a lease, usually long term, that is typically done for tax or financing purposes.
leasehold estate A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long-term lease may be eligible for treatment as real property for financing purposes.
month-to-month tenancy A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month.
net lease A lease requiring the tenant to pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs.
nondisturbance clause A mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor’s building.
percentage lease A lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base inonthly rental plus a percentage of any gross sales above a certain amount.
purchase option The right given by a lease to the tenant to purchase the property at a predetermined price within a certain period, possibly the lease term.
renewal option A clause in a lease that grants the lessee the privilege of renewing the lease.
reversionary right The return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease.
right of first refusal A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party.
sale-and-leaseback A transaction in which the owner sells improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises.
security deposit A payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default or on destruction of the premises by the tenant.
subletting The leasing of premises by a lessee to a third party for part of the lessee’s remaining term. See also assignment.
rent Consideration for the use of real property
Created by: katiestapley
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