Step-up Lease
Definition of "Step-up lease"
Lease that incorporates increases in agreed-on payments over the term of the lease contract. For example, a particular step-up lease may require that the lessee pay a 10% increase each year over the 5-year term of the lease.
Popular Real Estate Terms
A written mortgage document. A mortgage instrument states the terms of the mortgage including the interest rates, length of payments, payment dates, and remedies the bank is entitled to in ...
A mortgage where the payments are overdue and open to a foreclosure action at any time. A mortgage not having a prepayment clause permitting the mortgagor to repay the mortgage at any ...
Street having access only at one end and terminating with a circular turnaround area. The circular area permits automobiles to exit the street without having to use a home's driveway to ...
The most common definition of a subdivision in real estate terms is when a piece or parcel of land (referred to as a plot) is divided into smaller parts by its owner. A subdivision’s ...
Sewer whose sole purpose is o carry away domestic waste water. ...
Listing of the names of tenants, apartments, or office numbers, and monthly rentals. ...
Single mortgage or other encumbrance that covers more than one piece of real estate. ...
A void property is a real estate property that is immediately available for new owners or renters as it is vacated. Void real estate properties can be occupied at a short notice as no ...
The transfer of a property deed from one person to another without publicly recording it. The recording of a deed in a public office gives constructive notice of the act of the sale and ...
Have a question or comment?
We're here to help.