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15 Cards in this Set
- Front
- Back
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Lease |
written document that transfers the right of possession of real estate to a tenant |
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Rental Payment |
rent is the price paid for the occupancy of the space described in the lease |
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Security Deposit |
a fee charged for the tenant as part of the rental agreement to insure the property is cared for |
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Utilities |
gas, electric, water, sewer, garbage pickup |
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Warranty of Habitability |
an implied cause in a lease that means the property has to be habitable, and acceptable by health and safety codes |
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Landlord |
One who owns and leases real property |
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Tenant |
One who holds land by any kind of title |
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Flat Rental Agreement |
the tenant pays the same amount of rent for the entire term of the lease |
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Graduated Rental Agreement |
Provides and increase in rent payments at specific intervals |
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Additional Rental Agreement |
The tenant pays a percentage of the real estate taxes and/or pay for utilities |
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Cost of living lease |
the tenants rental obligation may fluctuate with the economy |
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Option to renew |
the tenant must notify the landlord of his decision to renew or terminate the lease within a specified time |
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Option to purchase |
the tenant is given the option to buy the property when renting a house or condominium |
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Right to make alterations |
Identifies the tenants right to paint, wallpaper, hang pictures, lay or change carpet |
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Subleasing |
allows a tenant to give "possession" of the apartment to a "subtenant" |
