A provision in an agreement that removes or excludes a particular portion of the property or obligations. Carve-outs can pertain to items in sales agreements, mortgages, or leases, potentially subjecting them to new terms or entirely exempting them from certain existing terms.
Divided interest refers to partial ownership interest in a property, where rights or interests are split among different parties.
Fee Simple Value refers to the market value of a property assuming it is owned outright, free of any leases or mortgages. It provides an estimate of the highest value that a property could achieve in an open market without any encumbrances.
In real estate terms, a Flat can refer either to a single-level apartment or a type of mortgage or lease with level payments.
An Instrument is a written legal document created to establish the rights and liabilities of the parties involved. It is essential in the legal and real estate fields to ensure clarity and enforceability of the terms agreed upon by all parties.
A lease is a legal contract in which the entity entitled to the possession of real property (lessor) transfers those rights to another entity (lessee) for a specified period in exchange for payment called rent.
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.
Ownership rights to realty possession encompass the legal rights to control, enjoy, use, lease, and dispose of real property. These rights are fundamental to property ownership and are guided by state and federal laws.
The term 'premises' in real estate refers to land and tenements; an estate; the subject matter of a conveyance.
A real estate contract defines the terms agreed upon by a buyer and seller regarding a real estate transaction. This legal document ensures all parties understand their obligations and rights.
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.
A rental agreement, often referred to as a lease, is a legal contract between a landlord and a tenant that outlines the terms under which the tenant agrees to rent a property owned by the landlord.
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.
A third party is an individual or entity that is not directly involved in a transaction or contract but may still be involved or affected by it. Third parties serve different roles in real estate transactions, such as tenants, escrow agents, or other relevant stakeholders.
