assignment of lease

liability

(n.) a debt; something disadvantageous

Assignment of Lease

A contract that substitutes a new tenant in the lease. The assignee becomes liable for the remaining term of the lease. Unless prohibited by the lease contract, this can be done without the approval of the lessor, but the original lessee retains secondary liability.

rent

A fee charged for the use of property or land

Periodic Tenancy

A lease interest in land for an indefinite period involving payment of rent at fixed intervals, such as week to week, month to month, or year to year.

depriciation

A lessening in value, lowering or decreasing

tenant

A person who pays for the right to live in a residence owned by someone else

policy

A proposed or adopted course or principle of action

Tenancy in Common

Co-ownership of property in which each party owns an undivided interest that passes to his or her heirs at death.

trespass

Enter without permission

eminent domain

Power of a government to take private property for public use.

eviction

The legal process of removing a tenant from rental property

common areas

Those portions of a building, land, and amenities owned (or managed) by a planned unit development (PUD) or condominium project's homeowners' association (or a cooperative project's cooperative corporation) that are used by all of the unit owners, who share in the common expenses of their operation and maintenance. Common areas include swimming pools, tennis courts, and other recreational facilities, as well as common corridors of buildings, parking areas, means of ingress and egress, etc.

lease

a contract granting use or occupation of property during a specified time for a specified payment

fixture

a permanency; a person or thing remaining fixed, in the same position

mortgage

a specific type of loan that is used to buy real estate

land

all natural resources used to produce goods and services

Premium

an amount to be paid for an insurance policy.

The right to occupy

ocupation allowed by owner

tenancy

period of a tenant's temporary holding of real estate

Replacement Cost

the cost to replace an inventory item in its identical form

Warranty of Habitability

the obligation of a landlord to make repairs necessary to keep the premises fit to live in. Housing codes may prescribe in detail the required conditions of property

deed

the official document transferring ownership from seller to buyer

Actual Cash Value

the payment you receive is based on the replacement cost of an item minus depreciation

landlord

the person who owns the property that you rent

Deductable

this is the amount the patient is expected to pay before the insurance plan will begin paying

conveyance

vehicle; transfer; act of conveying; Ex. public conveyance