Assignment of Lease involves the transfer of rights to use a leased property. The new tenant, or assignee, acquires all the rights and privileges of the original lessee (assignor), who remains responsible to the landlord unless formally released.
A Leaseback, often referred to as a Sale-Leaseback, is a financial transaction in which a property owner sells their asset and leases it back from the buyer. This allows the original owner to continue using the property while freeing up liquid capital.
Leased Fee refers to the landlord's ownership interest in a property that is under lease. It's the structure for defining income from rental property, emphasizing the importance of anticipated rental income for assessing value.
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 Memorandum of Lease is a concise document prepared for public recording that includes the key terms of a lease agreement without disclosing the full details of the lease.
Tenancy at will is an arrangement where a tenant occupies a property with the specific permission of the landlord but without a lease, lasting as long as both parties agree.
A walk-through inspection is a detailed examination that a buyer or tenant conducts before finalizing the purchase or lease of a property. Its primary purpose is to ensure that the property is in the agreed-upon condition and that any necessary repairs have been completed.
