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
Type of flooring, made up of tiles of colored stone or marble that is set in concrete. ...
Right to an item belongs to the public at large so anyone can use it. An example is a real estate software program that is publicly available by an electronic bulletin board service. ...
A natural process of adding soil to land, usually by water action, leaving earth or sand deposits. This can take place through unusual events such as flooding or storm conditions, or ...
A step's edge. ...
Early American frontier-style house constructed of logs. Since finished lumber was not readily available during the early frontier period of American history, homes were often fashioned out ...
A knowledgeable person authorized to aid in the underwriting of property and casualty insurance. ...
Lessors of real estate play a crucial role in the leasing process. They enable property owners to boost their assets and profits while providing tenants access to dwelling spaces and ...
A way to sell and finance property by which the seller keeps title but the buyer takes possession while installment payments are being made. The gain is taxed while the mortgage ...
Highest bid to buy and the lowest offer to sell a parcel of real estate in a particular market at a specified time. ...
Have a question or comment?
We're here to help.