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26 Cards in this Set
- Front
- Back
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lease
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gives the tenant the right to exclusive occupancy of the property and is consider personal property
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estate for years
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has a definite time period |
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periodic estate
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property automatically renews its self |
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estate at will
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the lease can be terminated at any time |
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estate at sufferance |
tenant stays in possession of the property after the lease expires
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reversionary rights
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the owners right to retake the property after expiration of the lease
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leased fee interest
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lessor's (Landlord) interest |
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leasehold interest |
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sublease
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is created when a tenant transfers less than all the leasehold interest to a new tenant |
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in a sublease there is how many landlords
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two
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under a sublease there original lease is between
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lessor and lessee and is second to the leassee and subleasee |
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lease option
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the tenant has the option to purchase a property at a specified price within a certain period |
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lease purchase
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usually the end of the lease |
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gross (straight) lease
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a tenant pays a fixed amount of rent, and a owner pays all other expenses for the property. the utilities are normally paid by the tenant |
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net lease
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the tenant pays the owners expenses such as property tax insurance, maintenance |
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percentage lease
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a commercial tenant agrees to pay a fixed base rental fee plus a percentage of the gross income in excess of a predetermined minimum amount of sales
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sales-leaseback
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the grantor sells the property to the grantee ans then leases back |
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graduated lease
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allows for periodic step-up of rent payments and may be used to attract tenants to property that is difficult to rent |
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net lease
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the tenant agrees to pay ownership expenses such as utilities, property tax, and special assessments |
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net lease, double net lease, and triple net lease
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can be used to describe the lease, depending on the owners expenses the tenant agrees to pay |
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index lease
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are used at times of inflation, the rent is tied in to a index that is out of control of the landlord or the tenant. this kind of lease contains a escalation clause |
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escalation clause
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this allows the lease payments to change base on the index
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does the death of the lessor or lessee automatically terminate the lease
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no |
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if the property is sold what happens
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the grantee(buyer) takes the title subject to all existing leases and cannot make any changes until each lease expires |
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grantee
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buyer; person who conveys real estate by deed |
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uniform residential landlord and tenant act
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does not allow abrogation where tenants sign away their rights in advance of signing the lease |
