Leasehold
Definition of "Leasehold"
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense is charged. When the rental is paid in advance, a Prepaid Rent account (Prepaid Expense) is recorded that has to be allocated into expense over the rental period. If the prepayment is for a long-term lease, however, it is recorded as a Deferred Charge and then amortized. The amortization entry for a long-term lease is to charge rent expense and credit leasehold.
Popular Real Estate Terms
A roof forming a triangle from the eaves to the ridge of the roof. ...
People say time is money. The old-age cliche applies more than ever in our case as we define what the Time Value of Money (TVM) means. You’ll find the term time value for money ...
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 ...
lease computed as a percentage of the underlying appraised property value. Under the terms of a reappraisal lease, the rent is periodically adjusted using an independent appraisal of the ...
The definition of reversion in real estate is the return of property or assets to their original owner after a prespecified event or occurrence. This real estate term is used primarily in ...
Directing the bank not to pay a check when presented at the bank. There is a service charge for this. If a contractor loses the check given to him, he may ask that the payor stop payment ...
Generally, a legal notice implies a method of official notification to an individual, organization, company, or the public that a particular event is about to occur. We can call a ...
In real estate terms, many consider having corner influence an extra financial advantage when it comes to transactions in most cases. Usually, enjoying a corner influence brings an ...
Documentation of zoning requirements and changes thereto. ...
Have a question or comment?
We're here to help.