Contracts, regulations, compliance, entity structures, zoning, permits, and landlord-tenant law.
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Foundation terms you need to know first (89 terms)
Development costs are all the expenses incurred during the process of acquiring land, designing, constructing, and preparing a real estate project for use or sale, from start to finish.
Base rent is the fixed, minimum rent amount paid by a tenant to a landlord for the use of a property, excluding additional charges like operating expenses, taxes, or utilities.
An absolute auction is a type of real estate auction where the property is sold to the highest bidder, regardless of the price, with no minimum bid or reserve price set by the seller.
The Lease Commencement Date is the official date specified in a lease agreement when the tenant's rights and obligations, including rent payments and property responsibilities, legally begin.
An application fee is a non-refundable charge paid by a prospective tenant to a landlord or property manager to cover the costs associated with processing a rental application, including background and credit checks.
Complex strategies and professional concepts (117 terms)
An Equity-for-Property Swap is an advanced real estate investment strategy where an investor exchanges equity in one or more properties or entities for direct ownership of another property, often to achieve tax deferral, portfolio restructuring, or strategic asset acquisition.
The accounting process of recognizing the estimated cost of an Asset Retirement Obligation (ARO) as a liability and capitalizing a corresponding asset, which is then depreciated over its useful life, reflecting the future costs associated with retiring a long-lived asset.
A legally binding contract that alters the priority of liens on a property, allowing a senior lienholder to voluntarily place their claim in a junior position to another, typically to facilitate new financing or complex transactions.
Unrelated Business Income Tax (UBIT) is a tax levied on the net income of a tax-exempt organization, including certain real estate investment vehicles, derived from a trade or business regularly carried on and not substantially related to its exempt purpose.
Inverse condemnation is a legal action initiated by a private property owner against a government entity to recover "just compensation" for a taking of their property, where the government has not formally exercised its power of eminent domain but has effectively deprived the owner of beneficial use or value.
A landlord is an individual or entity that owns real estate and offers it for rent or lease to tenants, undertaking responsibilities from property maintenance to legal compliance and financial management.
Landlord entry rights define the legal conditions under which a property owner can access a rented unit, balancing their maintenance needs with a tenant's right to privacy and quiet enjoyment, typically requiring advance notice.
Landlord responsibilities are the legal and ethical duties property owners owe to their tenants and rental properties, encompassing maintenance, safety, legal compliance, and financial management to ensure habitability and fair treatment.
Landlord rights are the legal entitlements and protections afforded to property owners who lease their real estate to tenants, allowing them to manage their investments, collect rent, and enforce lease agreements within legal boundaries.
Landlord-tenant law is the body of statutes and ordinances governing the legal relationship between property owners and renters, defining their rights and responsibilities regarding leases, rent, maintenance, and evictions.
Late fees are additional charges applied when a payment, such as rent or a mortgage, is not made by its due date, as outlined in a contract or lease agreement.
A legally binding contract between a landlord and a tenant that outlines the terms and conditions of renting a property, including rent, duration, and responsibilities.
Lease assignment is the legal transfer of an existing tenant's entire interest and obligations in a lease agreement to a new tenant for the remainder of the lease term.
A lease clause is a specific provision within a lease agreement that outlines the rights, responsibilities, and obligations of both the landlord and the tenant, ensuring clear expectations and legal protection.
The Lease Commencement Date is the official date specified in a lease agreement when the tenant's rights and obligations, including rent payments and property responsibilities, legally begin.
The lease expiration date is the specific day a rental agreement legally ends, requiring tenants to vacate or renew, and allowing landlords to adjust terms or seek new occupants.
A lease option is a contract giving a tenant the exclusive right to purchase a property at a set price within a specific timeframe, without the obligation to buy.
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