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.
An end user in real estate refers to the individual or entity that ultimately uses or occupies a property, though they may not necessarily be the one who purchases, produces, or pays for it.
An estoppel certificate is a document used in real estate transactions to detail the current status and conditions of a lease agreement, providing verification of lease information to third parties, such as lenders or prospective buyers.
In real estate, a lessee is an individual or entity that rents or leases property from a lessor. The lessee is responsible for adhering to the terms of the lease agreement, including payment of rent and maintenance obligations.
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 Month-to-Month Tenancy Lease is a rental agreement that can be extended or terminated each month by either party, providing flexibility for both landlords and tenants.
A Primary Lease is an agreement between a property owner (landlord) and a tenant that may be partially or wholly subleased to another tenant.
A reappraisal lease (also known as a revaluation lease) involves periodically reassessing the value of the leased property to adjust the rent accordingly based on prevailing market conditions. This ensures both the lessor and lessee engage under fair market terms over the lease duration.
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.
The rental rate is the periodic charge per unit for the use of a property. The period may be a month, quarter, or year, and the unit may be a dwelling unit, square foot, or other unit of measurement.
A sandwich lease is a real estate arrangement in which a lessee becomes a lessor by subletting the property. This intermediate leaseholder holds a secondary lease between the property owner and the end user, typically without owning or primarily using the property.
A sublease is a lease agreement between a tenant (lessee) and a third party (sublessee) allowing the sublessee to occupy the leased property. The original tenant remains liable to the landlord for the lease obligations.
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.
