Joint And Several Liable Lease
Definition of "Joint and several liable lease"
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all of the lessees and not a prorated share of the lease. For example. Brian and Jack sign a joint and several liable lease to lease a building at the rate of $1,000 per month. Brian defaults on the lease, and Jack is responsible to make the $1,000 monthly payment on the lease.
Popular Real Estate Terms
Assures that the title is free of any legal claims including encumbrances. It includes covenants of seizin, freedom from encumbrance, express warranties of title, right to quiet enjoyment, ...
The bonus depreciation definition refers to a tax incentive that allows a business to accelerate the depreciation deduction in the year when the asset is purchased and placed into use. The ...
Real rate of interest on a loan. It is the coupon rate divided by the net proceeds of the loan. Assume Sharon took out a $1,000,000, on year, 10% discounted loan to buy real estate. The ...
individual who purchases property for another for the purpose of not identifying to the seller and other interested parties the real identity of the true acquirer. The individual who makes ...
The legal definition of conversion is the act of using property or funds with which one has been entrusted for purposes other than those for which the property was intended to be used by ...
Expiration of a lease or insurance policy by mutual consent of the parties, also to give up. ...
Are you thinking to yourself: What does replacement cost mean?When someone in the Real Estate Market mentions Replacement Cost, they are talking about an evaluation of how much it ...
Individual or entity that divides up a large piece of owned land into smaller pieces generally for the purpose of developing them into homes for sale in the future. ...
Method of using the buyer's down payment on a home as an interest bearing collateralized account to help offset the mortgage amortization process. The home down payment is used to ...
Have a question or comment?
We're here to help.