A landlord allows a building to deteriorate to the point that the tenants are forced to leave
Gross Lease
A lease where the landlord pays all the expenses of the property and the tenants pay only rent
Net Lease
The tenants pay rent plus some of the expenses of the property
Time Share
Exclusive use of a property for a special number of days per year, with the privileges of ownership, but without the responsibility of sole or full ownership - interval ownership
Cooperative or Co-op
Land and building owned by a corporation, occupied by shareholders in the corporation
Proprietary Lease
The conveyance used to grant a co-op resident exclusive use of one of the units in the building
Condominium
A residential, commercial or industrial complex with individual ownership of units and tenancy in common ownership of common areas
Errors and Omissions Insurance
E&O - protection for agents in the case of innocent agency violations
Developer
One who purchases undeveloped property and divides it into lots for building
Party Wall
A shared wall - owners owe each other a duty of joint support - no action by one owner can harm the position of the other
Flipping
One party buys a property with the intention to quickly transfer (flip) it to the ultimate buyer
Lack of Liquidity
Not easily converted to cash - the main disadvantage of real estate investment
Emblements
Annually cultivated crops - personal property - ownership transferred by a bill of sale