Actual Eviction is the legal process by which a landlord removes a tenant from rental property.
An apartment (building) is a residential structure containing multiple dwelling units, generally intended as rental housing, featuring common entrances and hallways.
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.
Dispossess proceedings refer to the legal process initiated by a landlord to remove a tenant from a rental property and regain possession, typically due to non-payment of rent or violation of lease terms.
Housing refers to structures intended for residential use. It encompasses various types of dwellings from single-family detached houses to multi-unit apartments.
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 Mobile Home Park is a subdivision of plots designed for the siting of mobile homes. Plots are typically leased to mobile home owners and include utilities, parking space, and access to utility roads. Many parks also offer amenities such as swimming pools and clubhouses.
A Notice to Quit is a formal, written notification issued to a tenant to vacate rented property by a specified date. It is commonly used by landlords when the lease expires or the tenant violates the rental agreement.
Passive income refers to earnings derived from a rental property, limited partnership, or other investment in which a person is not actively involved. Passive income often gives the benefit of regular earnings without actively working.
Potential Gross Income (PGI) represents the total rental income a property could generate if it were fully occupied at market rental rates and without any deduction for vacancies, rental concessions, or collection losses.
Tax-sheltered income refers to income received, particularly from rental property, that is not subject to taxation, creating a tax benefit for the property owner. It typically occurs when depreciation expense claimed for income tax purposes exceeds mortgage principal payments.
A triplex is a type of residential building that contains three separate apartment or townhouse units within one structure. Each unit typically has its own entrance, and the building can offer different living spaces and layouts for tenants or owners.
