Real Estate Principles Chapter 7: Property Management (Landlord & Tenant)

Lease

A contract between an owner and tenant, setting forth conditions of tenancy for a fixed period of time.

Rental Agreement

A contract for the monthly rental of residential property.

Sale-Leaseback

A financial arrangement in which, at the time of sale, the seller retains occupancy by concurrently agreeing to lease the property back from the purchaser.

Sublease

A lease given by a lessee.

Net Lease

A lease requiring a lessee to pay charges against the property, such as taxes, insurance, and maintenance costs, in addition to rental payments.

Lease-Purchase Offer

A lease that includes the right to purchase later.

Sandwich Lease

A leasehold interest that lies between the primary lease adn the operating lease.

Rent Control

A legal maximum on rental price.

Assignment

A transfer of a person's entire rights under a contract.

Ground Lease

An agreement for the use of the land only.

Estate at Sufferance

An estate arising when the tenant wrongfully holds over after the expiration of the term.

Estate from Period-to-Period

An estate contract between owner and tenant, setting forth conditions of a period-to-period tenancy.

Lessor

An owner who enters into a lease agreement with a tenant.

Rent

Consideration paid for the occupancy and use of real property.

Percentage Lease

Lease on the property, the rental for which is determined by a percentage of gross receipts from the business.

Lessee

One who pays rent under a lease agreement.

Landlord

One who rents his or her property to another under a lease or rental agreement.

Contract Rent

Rent paid under a lease; the actual rent as opposed to the market rental value of the property.

Economic Rent

The amount of rent expected if the property were currently available for renting.

Estate for Years

The concept of possessing an interest in real property by virtue of a contract for a fixed and definite period of time.

Writ of Possession

The court order physically expelling a tenant.

Eviction Process

The general name of the process, form beginning to end, that serves to remove a person from the possession of real property.

Surrender

The giving up of an estate such as a lease. A contractual agreement, having the consent of both parties such as a lessor and lessee, as opposed to abandonment.

Unlawful Detainer or Notice to Quit

The name of the legal process to initiate the removal of a tenant.

Estate at Will

The occupation of property by a tenant for an indefinite period, terminable by one or both parties (not common in California).

Tenant

The party who pays rent for a lease or rental agreement.