Summary Possession
Definition of "Summary possession"
Act of actual eviction or removal of a lessee from a property. The eviction may be either voluntarily through due process of law or involuntarily by force. This generally occurs when a lease is violated by a lessee for nonpayment of rent.
Popular Real Estate Terms
Arrangement whereby a party providing financing gets a portion of the ownership. ...
Total expenditure to modernize a building to meet the owner's or tenant's needs. ...
Uncertainty in the price of real estate due to market, economic, political or other conditions. ...
Title to property being given under a court order because the original owner failed to pay the mortgage payments and/or real estate taxes. A judgment in a lawsuit may also have forced the ...
The definition of an open-end lease is what happens when someone rents a property for a monthly rate with the added obligation to make a large final payment when the agreement is over to ...
Loss arising from the partial or complete destruction of property resulting from circumstances of a sudden, unanticipated or unusual nature. For example, fires, storms and floods to real ...
Probate court approved title issued to the distribute of an individuals intestate estate. ...
Complete estimated itemization of all costs in constructing a structure including site acquisition and preparation, material, and labor costs. A quantity survey is necessary for a ...
Money earned or accrued during an accounting period that results in the increase in total assets. Items such as rental income. Revenues arising from the sales of real estate. The ...
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