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BL2.3 Real Estate

BusLaw 2 Real Estate

TermDefinition
lease the contract between a tenant and a landlord
lessee the tenant in a lease
lessor the landlord in a lease
tenancy an interest in the real estate they lease; leasehold estate
tenancy for years the right to occupy property for a definite or fixed period of time; contract must be in writing
periodic tenancy tenancy that continues for successive, fixed periods of time; year to year, month to month, week to week
tenancy at will interest in real property that continues for an indefinite period of time; informal
tenancy at sufferance illegal occupancy after a tenancy expires; aka holdover tenants
assignment the transfer of a right under contract
sublease the transfer of part of the term of a lease, but not the remainder of it, to someone else
fixtures items of personal property attached in such a way that they become real property
trade fixtures
eviction occurs when a landlord deprives a tenant of the possession of the premises
constructive eviction
real property the ground and everything permanently attached to it
assign to transfer to another
provision a measure or requirement made beforehand
estate the interest or right that a person has in real property
deed a written instrument that transfers title of ownership of property
eminent domain the right of the government to take private land for a public purpose
lien a legal claim against anther person's property a a security for a debt or loan to ensure it will be paid
license a temporary, revocable right to the limited use of another's land
easement an irrevocable right to the limited use of another's land
adverse possession
zoning laws
Created by: C.Westcott
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