Real Estate Definations Chapter 16

Front 1

actual eviction

Back 1

the legal process that results in the tenants being physically removed from the leased premises

Front 2

assignment

Back 2

the transfer in writing of interest in a bond,mortgage,lease,or other instrument

Front 3

cash rent

Back 3

in an agricultural lease, the amount of money given as rent to the landowner at the outset of the lease,as opposed to sharecropping

Front 4

constructive eviction

Back 4

actions of a landlord that so materially distrub or impair a tenant's enjoyment of the leased premises that the tenant is effectively forces to move out & terminate the lease without liability for any futher rent

Front 5

distraint

Back 5

seizing of tenants property for rent in arrears.

Front 6

Estate at sufferance

Back 6

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/her lease rights expired

Front 7

estate at will

Back 7

an estate that gives the leassee the right to possession until the estate is terminated by either party; the term of the estate is indefinite

Front 8

estate for years

Back 8

an interest for a certain,exact period of time in property leased for a specified consideration

Front 9

estate from period to period

Back 9

an interest in leased property that continues from period-to-period;week to week,month to month,or year to year

Front 10

gross lease

Back 10

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

Front 11

ground lease

Back 11

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 long-term net leases

Front 12

holdover tenancy

Back 12

a tenancy whereby a lessee returns possession of leased property after the lease has expired & the landlord, by continuing to accept rent,agrees to the tenants continued occupancy as defined by state law

Front 13

lease

Back 13

a written or oral contract between a landlord and a tenant that transfers the right of exclusive possession and use of the landlord's real property to lessee(tenant) for a specified period of time and for a stated consideration(rent)

Front 14

leasehold estate

Back 14

a tenant right to occupy real estate during the term of a lease,generally considered to be a personal property interest

Front 15

lease option

Back 15

A lease under which the tenant has the right to purchase the property either during the lease term or at its end

Front 16

Lease Purchase

Back 16

the purchase of real property,the consummation of which is preceded by a lease,usually long-term--typically done for tax or financing purposes

Front 17

Lessee

Back 17

tenant in a lease

Front 18

Lessor

Back 18

landlord in a lease

Front 19

Month to month tenancy

Back 19

a periodic tenancy under which the tenant rents for one month at a time--in the absence of a rental agreement,a tenancy is generally considered to be month to month

Front 20

net lease

Back 20

a lease requiring that the tenant pay not only rent but also costs incured in maintaining the property,including taxes,insurance,utilities, and repairs

Front 21

nondisturbance clause

Back 21

A mortgage clause that states the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessors building

Front 22

percentage lease

Back 22

a lease,commonly used for commercial property,whose rental is based on the tenants gross sales at the premises;it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount

Front 23

renewal option

Back 23

A clause in a lease that grants the lessee the privilege of renewing the lease

Front 24

reversionary right

Back 24

the return of rights of possession and quiet enjoyment to the lessor at the expiration of a lease

Front 25

right of first refusal

Back 25

A clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party.

Front 26

sale and leaseback

Back 26

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

Front 27

security deposit

Back 27

a payment by a tenant,held by the landlord during the lease term and kept(wholly or partially) on default or destruction of the premises by the tenant

Front 28

sharecropping

Back 28

in an agricultural lease,the agreement the landowner & the tenant farmer to split the crop or the profit from its sale,actually sharing the crop

Front 29

sublease

Back 29

the leasing of premises by a lessee to a third party for part of the lessee's remaining term