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. ...
Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
The right of a person or business to renew a contract. For example, the tenant may have the right to renew a lease for a specified amount and term. ...
An unpreventable, overwhelming, and irresistible force. It is common to place a force majeure clause in a construction contract to indemnify a construction deadline in the event an act of ...
Regularly, subsequent means something which occurs at a later date. In other words, a subsequent event follows a prior occurrence. For example, new circumstances arise after a contract is ...
Arrangement whereby a party providing financing gets a portion of the ownership. ...
Percentage of rentals estimated not to be made because of actual and anticipated vacancies. ...
Under a FHA-insured mortgage, both the property and the borrower must meet certain minimum standards. The borrower is charged an insurance fee of one-half percent on the unpaid balance and ...
Organization that manages the relocation of the employees of client companies from one area of the country to another. A relocation service will manage home sales and purchases in another ...
Have a question or comment?
We're here to help.