Master Lease
- Major lease in a structure that controls subleases. An example is a landlord and attorney entering into a main lease for the third floor offices of building. This lease takes precedence over a sublease between the attorney and an accountant for one of the offices.
- A controlling property lease. Subleases are controlled by the master lease in the sense they cannot extend beyond the terms of the master lease. For example, John grants Jack a 10-year master lease on a commercial office building, Jack can sublease the offices for terms not to exceed the 10-year master lease.
Popular Real Estate Terms
When we talk about adverse environmental impacts, we always refer to the man-made negative impact on the environment. An adverse environmental impact can be defined as negative changes that ...
Appraisal method of determining a buildings value under the following criteria: (1) The land value can be easily determined from comparable sales or other methods. (2) The building on the ...
Latin for it does not follow. The conclusion of a statement or phrase is illogical. ...
Government owned lands, for conservation purposes or for specific uses such as dams and hydropower. Public lands are owned by federal, state, and local governments. Many public lands are ...
The appellant definition references a concept related to legal proceedings. The appellant is the individual who is dissatisfied with the judgment in a lawsuit and asks for a superior court ...
Voluntary giving up of a right of a lien, usually on a temporary basis. The waiver may be explicitly stated or implied. An example is when a lender waives its right of lien against ...
In our world, you can request anyone to perform virtually any task for a little (or bigger) incentive. So, what is the definition of incentive precisely? An incentive can be a service or ...
Horizontally placed timber that is connected to other timber. Smooth, flat, thin piece of metal. Electrical covering. ...
Person or business who owns property being rented out to tenants. ...
Have a question or comment?
We're here to help.