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Real Estate - Ch. 17
Leases
| Term | Definition |
|---|---|
| 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 |
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katiestapley
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