Master Lease
- Major lease in a structure that controls subleases. An example is a landlord and attorney entering into a main lease for the third floor offices of building. This lease takes precedence over a sublease between the attorney and an accountant for one of the offices.
- A controlling property lease. Subleases are controlled by the master lease in the sense they cannot extend beyond the terms of the master lease. For example, John grants Jack a 10-year master lease on a commercial office building, Jack can sublease the offices for terms not to exceed the 10-year master lease.
Popular Real Estate Terms
An opening with a hinged cover allowing access from one level to another in a structure. Often installed in a roof or the floor of a building to allow the entrance of people and materials ...
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Contractual provision specifying a dollar amount or rate an individual to the contract must pay for not conforming to its terms. An example is the fee charged for a late mortgage payment. ...
Written agreement in which the lessee pays rent to the lessor for the use of real property for a stated time period. An example is the tenant's rental of an apartment or office space. ...
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