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SiteMap UofAHousing.com
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Index: 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42

» Definition - landlord

The owner of any real estate such as a house apartment building or land that is leased or rented to another person called the tenant.

» Definition - latent defect

Hidden structural defects and flaws.

» Definition - lease

An oral or written agreement (a contract) between two people concerning the use by one of the property of the other A person can lease real estate (such as an apartment or business property) or personal property (such as a car or a boat) A lease should cover basic issues such as when the lease will begin and end the rent or other costs how payments should be made and any restrictions on the use of the property The property owner is often called the "lessor," and the person using the property is called the "lessee."

» Definition - lease option

A contract in which an owner leases his house (usually for one to five years) to a tenant for a specific monthly rent and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance This allows a potential home buyer move into a house he may wish to eventually buy without having to come up with a down payment or financing at that time.

» Definition - lease purchase

A contract in which an owner leases his house (usually for one to five years) to a tenant for an increased monthly rent and which gives the tenant the right to buy the house at the end of the lease period for a price established in advance with the incremental rent increase being used to form a down payment Buyers should be wary of this type of contract since they may lose their extra rent/down payment money should the owner suffer financial setbacks before the purchase has been completed.

» Definition - leasehold estate

A form of real estate in which a tenant is allowed to construct permanent structures upon a parcel of leased land and derive some use or income from said structures during the period of the lease Leasehold estates usually involve long-term leases ranging from 20 to 99 years Land owners are able to have their property developed with no out of pocket expenses Instead of having to sell their land too soon they retain their family's rights to the land while receiving a steady income stream The tenant saves the initial land acquisation costs and may gain access to property that would be otherwise unavailable The downside is as the lease nears the end or its term the tenant's investment becomes uncertain and the landlord is in a position to make demands for compensation above the fair market price Leaseholds are much more common in commercial real estate but can apply to some residential properties as well Hawaii has many leasehold condominium projects and even Houston has at least one mid-rise condominium building that lacks ownership of the land it occupies.

» Definition - legal description

A description of a specific parcel of real estate which is acceptable to the courts in that state and which will allows an independent surveyor to locate and identify it Usually it uses one of the following methods; government survey metes and bounds or recorded plat (lot and block number).

» Definition - less favorable treatment

Any time a person is treated differently on the basis of race sex religion color familial status disability or national origin either by action or inaction in the selling or leasing of real property it is a violation of the Fair Housing Laws Also known as unequal treatment or different treatment.

» Definition - lessee

Tenant leasing property.

» Definition - lessor

One who leases property to a tenant.

real estate, property, location, building, house, home, condo, duplex, triplex, apartment, rental, tenant, landlord, deposit, maglione, maglione rentals, tucson,

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