Chp 16 Lease

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Chp 16 Lease
2013-08-14 15:36:51
Real Estate

Real Estate
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  1. The legal process that results in the tenant’s
    being physically removed from the leased premises.
    Actual eviction
  2. The transfer in writing of interest in a bond,
    mortgage, lease, or other instrument.
  3. 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.
    Constructive eviction
  4. 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 his or her lease rights have expired.
    Estate (tenancy) at sufferance
  5. 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 at will
  6. An interest for a certain, exact period of time
    in property leased for a specified consideration.
    Estate for years
  7. An interest in leased property that continues
    from period to period week to week, month to month, or year to year
    Estate from period to period
  8. 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.
    Gross lease
  9. A lease of land only, on which the tenant
    usually owns a building or is required to build as specified in the lease. Such
    leases are usually long-term net leases; the tenant’s rights and obligations
    continue until the lease expires or is terminated through default.
    Ground Lease
  10. A tenancy whereby 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
    Holdover tenancy
  11. A written or oral contract between a landlord
    (the lessor) and a tenant (the 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). By state law,
    leases for longer than a certain period of time (generally one year) must be in
    writing to be enforceable.
  12. A tenant’s right to occupy real estate during
    the term of a lease, generally considered to be a personal property interest.
    Leasehold estate
  13. 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.
    Lease purchase
  14. See lease.
  15. See lease.
  16. 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.
    Month-to-month tenancy
  17. A lease requiring the tenant to pay not only
    rent but also costs incurred in maintaining the property, including taxes,
    insurance, utilities, and repair.
    Net lease
  18. 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.
    Nondisturbance clause
  19. 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 monthly rental plus a percentage of any gross sales above
    certain amount.
    Percentage lease
  20. Some lease grant the lessee the option to
    purchase the leased premise. This option normally gives the tenant the right to
    purchase the property at a predetermined price within a certain period,
    possibly the lease term.
    Purchase option
  21. The return of the rights of possession and quiet
    enjoyment to the lessor at the expiration of a lease.
    Reversionary right
  22. A clause allowing the tenant the opportunity to
    by the property before the owner accepts an offer from another party.
    Right of first refusal
  23. A transaction in which an owner sells his or her
    improved property and, as part of the same transaction, signs a long-term lease
    to remain in possession of the premises.
  24. 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.
    Security deposit
  25. See subletting.