Rental Concession
Reduction in the normal rental charge to attract prospective tenants or keep existing tenants at lease renewal. Discounts may be given to obtain a higher occupancy rate, make it easier of the owner to derive bank financing, induce a large retailer to relocate, or stimulate a longer term lease with the tenant. A concession may also be in the form of one extra month of rental free for every two years. The property's value is worth less because the rental income base is lower.
Popular Real Estate Terms
Statement filed with a governmental authority declaring property a homestead for the purposes of securing a homestead exemption. The declaration of homestead has no effect on the property ...
A relatively unknown term, laches or the” doctrine of laches,” means failure to assert one’s rights or a claim in a given matter in time. Failing to take action on a ...
Room containing a toilet and wash basin, but does not include a shower or bath tub. ...
Fence constructed at the property line or other division point separating a subdivision or a home site. It marks the point of separation between two separate properties. ...
Beam that is supported only at one end. ...
Buying more house than a buyer can afford based on his or her income. ...
The term action in personam is used mostly in legal proceedings because Roman law heavily influenced our judicial system. Many terms used in law have their roots in Roman law, not only this ...
Structure of prefabricated units. ...
Once of a set of timbers used in the construction of a building or for esthetic purpose, the land around a property for beautification. ...
Have a question or comment?
We're here to help.