Leasehold
Definition of "Leasehold"
Agreement between the lessee and lessor specifying the lessee's rights to use the leased property for a given time at a specified rental payment. As rental payments are made, rent expense is charged. When the rental is paid in advance, a Prepaid Rent account (Prepaid Expense) is recorded that has to be allocated into expense over the rental period. If the prepayment is for a long-term lease, however, it is recorded as a Deferred Charge and then amortized. The amortization entry for a long-term lease is to charge rent expense and credit leasehold.
Popular Real Estate Terms
Offer to buy real estate provided certain conditions are met. ...
Individual paying a rental fee to the lessor for the right to use real property. The two methods used to account for leases by the lessee are the capital lease and the operating lease. ...
Person who leases rented premises from the initial lessee. The sublease is for a time not exceeding the original lease period. ...
Agreement to exchange real estate upon specific terms. ...
This situation applied in some states when death prevents the seller of property, who has signed a real estate sale agreement, from completing the sale. In this situation , equitable ...
A clause inserted in a mortgage agreement requiring a future buyer of the subject property to obtain the consent of the lending institution prior to assuming the mortgage. In this ...
A testator/testatrix who donates real property. ...
Map within a governmental jurisdiction showing the boundary lines and ownership of all real property. A cadastral program produces the cadastral map. ...
Latitude line selected as a reference in the rectangular survey system. ...
Have a question or comment?
We're here to help.