Joint And Several Liable Lease
Definition of "Joint and several liable lease"
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all of the lessees and not a prorated share of the lease. For example. Brian and Jack sign a joint and several liable lease to lease a building at the rate of $1,000 per month. Brian defaults on the lease, and Jack is responsible to make the $1,000 monthly payment on the lease.
Popular Real Estate Terms
Misuse, alteration, destruction, or neglect of land by an individual right-fully in possession that breeds a significant and permanent reduction of its value to the legal interest owned by ...
Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...
The imposition or collection, usually by legal or governmental authority, of an assessment of a specified amount. An example is a tax assessment on real estate. ...
The abstract of judgment definition is best explained as a written summary of the judgment passed by a court. This abstract of judgment includes the amount of money the losing party of a ...
Court action to order a compulsory sale of real estate owned jointly between two or more owners. A partition action divides the proceeds of a real estate sale among the joint owners rather ...
House made using standardized components that are preassembled on an assembly line in a factory rather than being built from "scratch" on a site. Normally, the prefabricate house is trucked ...
Economic principle determining the market prices of goods, services, and property. The principle states there is a pricing relationship between supply and demand for real property. Economic ...
Unlimited interest in property. A freehold estate may be a fee simple or file estate. Freehold estate includes freehold in deed, a fee simple estate; freehold in law, an inheritable estate; ...
Surveyor's use of hypothetical lines to portray a properties position. North to South in the meridian line while East to West is the base line. ...
Have a question or comment?
We're here to help.