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NE Real Estate

NE Real Estate Unit 17

TermDefinition
sublease leasing of premises by a lessee to a 3rd party for its remaining term
renewal option a clause in a lease that grants the lessee the privilege of renewing the lease
rent an agreement of fixed periodic payment made by a tenant of a property to the owner for possession and use
reversionary right return of the rights of possession & quiet enjoyment to the lessor at the expiration of lease
right of first refusal a clause allowing the tenant the opportunity to buy the property before the owner accepts offer from another party
security deposit payment by a tenant held by the landlord during lease term and kept on default or on destruction of the premises by the tenant
actual eviction legal process that physically removing tenant from leased premises
assignment transfer in writing, of interest in a bond, mortgage, lease or other instrument
constructive eviction tenant is effectively forced to move out and the terminate the lease w/o liability for any future rent due to materially disturb or impaired enjoyment of premises
estate (tenancy) at sufferance tenancy of al lessee who lawfully comes into possession of a landlords RE but who continues to occupy the premises improperly after the lease right have expired
estate (tenancy) at will an estate that gives the lessee the right to possession until the estate is terminated by either party; indefinite estate
estate (tenancy) for years an interest for a certain, exact period of time in property leased for a specified consideration
estate (tenancy) from period to period an interest in leased property that continues from period to period, wk to wk, mth to mth, or yr to yr
Created by: SevitaM
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