Lease Agreement
Definition of "Lease agreement"
A contract between a lessor and a lessee to use property for a specified time period at an agreed to rental charge.
- Gross lease: A total amount of rental dollars from which the landlord must pay all taxes, utilities, insurance, and other costs.
- Month-to month lease: there is no formal lease agreement between the landlord and the tenant. Typically, the landlord must provide a one-month notice before canceling the lease.
- Net lease: A lease in which the tenant must pay all the related property costs including insurances, taxes, utilities, and others.
Popular Real Estate Terms
Same as term higher and best use: Use of a parcel of land that will produce the greatest current value. ...
Letter sent an individual informing him or her they are in default on an agreement. Normally, a notice of default will give the defaulting party the terms necessary to remedy a default and ...
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Price at which the seller and the buyer agree to trade real estate on the open market. ...
Any geographic taxing division where the legally chosen representatives are charged with the responsibility of assessing taxable property and collecting tax revenue. ...
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Pipes from a structure to a sewer for the purpose of sewage disposal. ...
The definition of a closed-end lease is what happens when an individual rents or leases an asset at a monthly rate with no obligations for the lessee to purchase the asset that he rents at ...
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