Tenant Changes
Changes made by a lessee to property during the term of the lease. In general, if the changes are permanent such as the addition of a building to lease land, the ownership of the building reverts to the lessor at the end of the lease. On the other hand, the lease contract may specify that all tenant fixtures, that is fixtures added to the property by the lessee may be removed when the lease terminates. The lessee, therefore, may remove a machine, for example, that was attached to a leased factory building when the lease term terminates.
Popular Real Estate Terms
The definition of option explains the term as something that can be chosen in spite of having multiple other alternatives. It could be an option for food, which shows a preference for one ...
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Tax-free exchange that allows a seller two years after escrow closes on his former principal personal residence to buy like-kind property and defer taxes. Profits from the sale of a ...
Government program of providing low interest rate mortgages to low-income qualified buyers. In the tandem program, the Federal National Mortgage Association (FNMA) purchases low interest ...
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Statement made by a person that is not in writing. An example is an oral representation made by a real estate broker to a prospective buyer of property. ...
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A lien which is secondary to a senior lien and cannot be paid until the senior lien is satisfied. ...
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