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
As the term “servient” comes from the root word “serve” and to serve means to perform a duty or a service for another entity, its meaning is easy to define. The term ...
Justifiable and fair amount for a real estate transaction based on the conditions and limitations involved in the exchange. ...
To acquit, exonerate, absolve, or discredit allegations. ...
Use of other people's money (OPM) in an attempt to maximize the return but at high risk. The use of leverage in real estate investing is a way to maximize yield on a small down payment. ...
Mortar or concrete which is pumped or 'shot' through a hose at high velocity onto a surface. ...
Platform erected on a roof in some New England homes having a view of the sea. It was said widows of lost seaman would walk on the platform looking out at sea for their husbands to return ...
Creates a lien against the mortgagor's property, but does not permit a lien against his or her personal assets. See also non recourse. ...
Contractual provision requiring apportionment. ...
Decline in the credit status of a prospective homebuyer. ...
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