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