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
The real estate arbitration definition is an alternative way to settle disputes when the parties involved want to avoid a trial. There are some significant differences between an ...
Expenditures incurred building a structure, including material and labor. ...
Housing where affirmative action is proactively pursued protecting the housing rights of people of all races, nationalities, and religions. ...
Expected period that property will provide benefits. It is typically less than physical life of the property because the property continues to have physical life regardless of inefficiency ...
Literature, samples, equipment, tools, and other useful information that real estate brokers or agents can use for demonstration purposes to prospective buyers. ...
As one of the principles of contract, the lawful object meaning can be defined as an object or action which is authorized, approved, and not prohibited by law. A contract to be legal ...
Having a traditional salt box architecture with clapboard siding, the New England Colonial was enlarged for additional family members by adding extensions, often at the rear of the home. ...
Window having both screens and storm windows that can be easily interchanged according to seasonal needs. ...
Amount subject to depreciation, which equals the initial cost less the estimated salvage value. ...
Have a question or comment?
We're here to help.