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
Certification granted by the Realtors National Marketing Institute upon successful completion of an education program and the required residential sales experience. Candidates must already ...
Person providing advice for compensation about real estate. ...
The meaning of commercial acre in the United States defines the remaining part of an acre of a newly divided land once curbs, streets, and boardwalks have been separated from the original ...
A simple box-shaped house with clapboard siding and a gable roof. ...
To understand what an abatement notice is, one needs to understand the concept of nuisance abatement. Abatement notice is the notice given to the owner (or occupier) of a property as ...
List of dwelling units, such as homes. ...
Through real estate properties, many individuals of varying degrees of expertise find ways to make money. The real estate industry allows these practices as real estate properties are ...
Funds of property bestowed upon a person or an institution. The income is used to serve a specific purpose for which the endowment was intended. ...
Foreign-born individual not qualifying as a citizen of the country in which he or she resides. ...
Have a question or comment?
We're here to help.