In this type of property lease, the current tenant will pay a fixed rent either monthly or yearly. It is paid even if the landlord's costs of operation such as insurance, taxes, and maintenance. The tenant can accept a gross...
Latest Posts
Effective rent
Often called net effective rent (NER), this is a measurment of the value of the lease, including concessions and escalations. It is typically expressed in dollars per square foot per year or per month.
Credit insurance
This refers to the insurance a lender either provides or requires a borrower to acquire in order to cover the loan. In the event that the borrower becomes disabled or passes away before fully paying off the loan, this policy will...
Breach of contract
Also known as breach of agreement, this refers to the violation of any terms or conditions in a contract or a binding agreement without any legal excuse. This typically takes place when one party does not fulfill their agreed...
hereditaments
A hereditament is any kind of property (personal or real) that is capable of being inherited.
Beneficiary
This is a person or entity entitled to the benefits of a financial account, usually upon the death of the account holder. As the owner of the benefit or asset, you can direct it to any person or group you desire. A beneficiary...
Fixture
This is personal property that has been attached to a structure or building, therefore turning it into a real property. It is considered part of the house, apartment, or building, and it cannot be detached should the occupant...
Contract Rent
Also known as the base rate or in-place rent, contract rent is the rental rate stated in a lease agreement. In comparison to the average rate over the term of the lease, the contract rate is often based on the first year.
government survey method
Also known as the rectangular survey system or public land survey system, the government survey system refers to a federal land survey system that uses (north and south lines) meridians and (east and west lines) base lines. The...
Graduated lease
This is a long-term lease wherein the rent can vary based on any future contingencies, such as the passage of time, a tenant's gross income, or a periodic appraisal.
