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
Innovative architectural designs for either single or multi level homes and other buildings incorporating innovative features, such as passive solar heating. Contemporary building plans ...
Owner has rights to water on his land. He also has a reasonable privilege to water adjacent to his property that flows through it or abutting it. ...
Rating used by lenders and creditors to determine if a credit applicant should be granted credit. It depends on many factors such the applicant's job history, earnings, net worth, etc. Some ...
Transfer of real estate from one taxpayer to another that are exempt from federal income taxes. An example is an exchange of property in which ownership of transferred real estate is still ...
Lease payments based on factors other than the passage of time. ...
The operating expenses definition is the sum of costs or expenses a company deals to operate as a business. The term operating expenses is used in any business field and is commonly ...
Favorable occurrence providing a good chance for success, usually in financial terms. ...
Annual Percentage Rate (APR) is a measure of the cost of credit that must be reported by lenders under the Truth in Lending regulations. The Annual Percentage Rate (APR) takes into ...
Bank receives equity participation in the house as a result of lending the homeowner money. When the house is sold, the bank will receive its proportionate share of the proceeds. In such an ...
Have a question or comment?
We're here to help.