The term 'Demised Premises' refers to the property or portion of property that is leased or rented to a tenant under the terms outlined in a lease agreement.
An end user in real estate refers to the individual or entity that ultimately uses or occupies a property, though they may not necessarily be the one who purchases, produces, or pays for it.
An estate in reversion is a future interest that a grantor retains for themselves, which begins after the termination of some particular estate that has been granted.
An estoppel certificate is a document used in real estate transactions to detail the current status and conditions of a lease agreement, providing verification of lease information to third parties, such as lenders or prospective buyers.
A landlord is a property owner who rents out their property to a tenant in exchange for rent. They have the right to lease property for a specific time period while earning rental income.
Leased fee value represents the worth of a property to the landlord based on the current rental agreements in place. It's crucial for understanding property valuation under existing lease conditions.
A less than freehold estate refers to an estate in land that has a predetermined time span, most commonly associated with leases and leasehold properties.
A lessor is a person or entity that rents out property to another party, known as the lessee, under the terms outlined in a lease agreement. Often referred to as the landlord, the lessor retains ownership of the property while allowing the lessee to use it for a specified period.
In real estate, a 'LET' refers to the act of renting out a property to a tenant. It commonly applies to residential or commercial properties that are being leased for an agreed-upon rent amount over a specified period.
A legal document indicating that a tenant recognizes a new owner of the property as their landlord, effectively transferring tenancy.
A Month-to-Month Tenancy Lease is a rental agreement that can be extended or terminated each month by either party, providing flexibility for both landlords and tenants.
A Primary Lease is an agreement between a property owner (landlord) and a tenant that may be partially or wholly subleased to another tenant.
A reappraisal lease (also known as a revaluation lease) involves periodically reassessing the value of the leased property to adjust the rent accordingly based on prevailing market conditions. This ensures both the lessor and lessee engage under fair market terms over the lease duration.
Rent refers to the payment made by a tenant for the use of a landlord's property, which can be residential, commercial, or industrial. It is a fundamental concept in real estate, encompassing various types and factors that determine its amount and structure.
The rental rate is the periodic charge per unit for the use of a property. The period may be a month, quarter, or year, and the unit may be a dwelling unit, square foot, or other unit of measurement.
A tenant is an individual or organization that holds the right to use and occupy real estate property owned by another entity, typically under a lease agreement for a fixed or indefinite period.
