Definition of "Lessee"
Individual paying a rental fee to the lessor for the right to use real property. The two methods used to account for leases by the lessee are the capital lease and the operating lease.
Popular Real Estate Terms
Legal time restriction for prosecuting an improper act, or civil or criminal offense. Proceedings must be brought before the expiration date of the applicable federal, state, or local ...
The definition of Hypothecation in real estate is the use of one’s belongings as collateral for a loan. This practice assures the lender that, whether the borrower is able to pay or ...
The definition of a bedroom community, or commuter town in real estate is a unique type of community that merely uses their homes to sleep, while doing everything else offsite. In a bedroom ...
Expected market value of property if sold today. ...
Managing partner of a limited partnership who is in charge of its operations. A general partner has unlimited liability. Member of a partnership who is jointly and severally liable for ...
The process of changing, updating, and altering the appearance and structural characteristics of a building. For example, John remodels the kitchen in his home by replacing the cabinets, ...
A Bill of Sale is a formal document of the sale of goods or the transfer of title for personal property and chattel from one party to another. In sum, a bill of sale is a sort of receipt. ...
(1) Estimating all income and expenses for an accounting period. (2) Financial forecasting, planning, and controlling. It involves using a budget to set and accomplish short-term objectives ...
Interior building trim surrounding windows, doors, and baseboards. Interior trim is both decorative and functional. It comes in several different styles and serves to finish the adjoining ...
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