An annuity in advance refers to a series of equal or nearly equal payments made at the beginning of each period, commonly used in financial products like rent and leases.
AS IS refers to a condition under which a property is sold or leased indicating that it will be accepted in its current state with no guarantees or warranties regarding its condition. Buyers or tenants agree to accept the property with all visible and latent defects.
The term 'assign' in real estate refers to the transfer of one's property rights or contract rights to another party. This can apply to leases, mortgages, deeds of trust, and other contractual agreements. It's important to note that assigning a contract does not typically relieve the initial party of their contractual obligations unless a novation, or the substitution of one party for another with the consent of all parties involved, occurs.
Assignment is the method by which a right or contract is transferred from one person to another, typically involving leases, mortgages, and deeds of trust. It enables the assignee to sustain the interest in the property originally held by the assignor.
Attornment is the formal agreement by a tenant to recognize a new owner of the property as their landlord, typically due to a sale or foreclosure.
A Certificate of Insurance (COI) is a document that verifies the existence of insurance coverage, including details about the type and extent of coverage provided. It serves as proof of insurance for the insured party, typically issued by the insurance company or broker.
The term coterminous in real estate refers to two or more arrangements, such as leases or agreements, that have the same period or ending date.
A deposit signifies money paid in good faith to assure the performance of a contract, commonly used with sales contracts and leases. If the individual who put up the deposit fails to fulfill contract terms, the deposit could be forfeited unless contract conditions allow for a refund.
A formal depiction of the dimensions and location of a property; generally included in deeds, leases, sales contracts, and mortgage contracts for real property. Different methods such as government rectangular survey, lot and block, and metes and bounds are used for legal descriptions and plats.
Exhibits are attachments to leases, mortgages, and other legal documents, providing detailed, supplementary information pertinent to the main document.
A Flat Lease is a rental agreement that stipulates a constant rental payment over the lease period, without any variations or escalations.
FSG (Full Service Gross) is a type of lease in which the landlord covers all property-related expenses. These expenses typically include taxes, insurance, maintenance, utilities, and more. FSG leases simplify budgeting for tenants and offer peace of mind by mitigating unexpected costs.
A detailed, physical examination of property or documents to ascertain their condition or accuracy. Inspections are essential for validating compliance with building standards, property sales requirements, and legal scrutiny of agreements.
Recording is the process of formally documenting instruments affecting the title to real property in a public registry, thus giving legal notice of the recorded facts to the world.
A security deposit is a cash payment required by a landlord, to be held during the term of a lease to offset damages incurred due to actions of the tenant.
A triple-net lease (NNN) is a commercial lease agreement where the tenant agrees to pay all expenses of the property, aside from the rent. These include real estate taxes, building insurance, and property maintenance.
In real estate, the term 'valid' refers to documents or agreements that have legally binding force and are authorized by law. Examples include valid deeds, wills, leases, mortgages, and other contracts.
