7. ground lease: A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default. 8. holdover tenant: A tenancy whereby a lessee retains possession of leased property after his or her lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy. 9. implied warranty of habitability: A theory in landlord/tenant law in which the landlord renting residential property implies that the property is habitable and fit for its intended use. 10.index lease: A lease in which the rental figure is adjusted periodically according to the government’s cost-of-living index. 11.Lease: A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). 12.leasehold estate: A tenant’s right to occupy real estate during the term of a lease; generally considered personal property. 13.Lessee: Tenant 14.Lessor: Landlord 15.month-to-month tenancy: A periodic tenancy; that is, the tenant rents for one period at a time. In the absence of a rental agreement (oral or written), a tenancy is generally considered to be month to month. ©2011 Kaplan, Inc.
Modern Real Estate Practice in New York for Salespersons 11 th Edition 16.net lease: A lease requiring that the tenant pay not only rent but also some or all costs of maintaining the property, including taxes, insurance, utilities, and repairs.
You've reached the end of your free preview.
Want to read all 6 pages?
- Spring '17
- Leasehold estate, Real Estate Practice, Chapter 7 Glossary