A description for the condition in which property should be left by the seller or previous tenant before it is handed over to the new buyer or tenant. It usually implies that the floors are to be cleared of trash and swept, leaving the premises tidy, but not necessarily scrubbed or thoroughly cleaned.
Concessions are agreements that offer complementary goods, services, or financial incentives like reduced rent or purchase prices to tenants or buyers.
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.
Estate at Will refers to the occupation of real estate by a tenant for an indefinite period, terminable by either the landlord or tenant at any time.
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.
A Net Lease is a type of lease agreement where the tenant agrees to pay not only the base rent but also additional costs associated with the property, such as taxes, insurance, and maintenance. This arrangement ensures that the landlord's rent receipt is 'net' of these expenses.
Percentage rent is an additional rent under a percentage lease agreement, often applied to retail property tenants. It is calculated as a percentage of gross sales that exceed a pre-determined base amount or break point.
The Rent-Free Period is a portion of the term of a lease during which no rent is required. It is typically offered by a landlord as a rental concession to attract tenants.
Retaliatory eviction occurs when a landlord seeks to evict a tenant as a response to the tenant exercising their legal rights, commonly in relation to complaints about housing conditions. Such actions are prohibited in many jurisdictions to protect tenants from unfair and punitive treatment.
Subletting refers to the practice of a tenant leasing out a rental property to another person for a portion of the lease term. Subletting agreements typically require the consent of the original landlord.
Summary possession, often referred to as summary eviction, is a legal process by which a landlord can quickly evict a tenant for reasons such as non-payment of rent, violating lease terms, or other grounds stipulated by rental agreements or local laws. This process is typically expedited to address violations that need immediate resolution.
The Warranty of Habitability is an implied assurance given by a landlord that an apartment offered for rent is free from safety and health hazards.
