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| Lease |
| A contract between a
Landlord (lessor) and a tenant (lessee) for
the occupation or use of the landlord's
property by the tenant, for a specific time
and for a specific consideration. Under the
terms of the lease, the lawful owner of the
property (the landlord) transfers the rights
of use, possession and enjoyment to another
(the tenant) for a specified period of
time, or at will for a
consideration. |
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| A lease may also be
referred to as a tenancy agreement. |
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| The purpose of a
lease is to establish a written record of an
agreement between parties for a tenancy
arrangement within a defined period. A lease
can be verbal or written, express or
implied. |
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| A lease document,
whether residential or commercial is a
detailed document setting out the
responsibilities of the parties, rents
payable, and obligations of both landlord
and tenant, along with a wide range of
provisions concerning notices, remedies and
termination. |
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|
Lease
Assignments |
| If you want to get out of your apartment
lease, instead of breaking the lease,
consider a lease assignment instead. |
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| Assigning your lease means permanently
transferring all the rights of the lease to
a new tenant for the remaining duration of
the lease (this differs from a sublet, where
you temporarily rent out the apartment to
another person, but are still the prime
tenant listed on the lease). The landlord
must approve the new tenant as the landlord
will need to sign the lease assignment. |
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| This is better than outright breaking
the lease, and it saves your landlord the
time of finding a new tenant. With this in
mind, make sure you find a replacement whom
the landlord is likely to approve. |
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| Though the lease has been transferred in
an assignment, both you, as well as the new
tenant, are usually still liable for damages
to the property. |
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| A tenant may assign
or sublet at will without the approval of
the landlord unless the lease stipulates
otherwise or governmental regulations
establishes certain requirements. |
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Lease Buyout |
| A cash payment or
other settlement made by the tenant to the
landlord to terminate a lease. |
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| Lease buyouts can
also involve a cash payment or other
settlement of the remaining portion of a
tenant's lease by a landlord as an incentive
for the tenant to move to a new location. |
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Leaseback Financing |
| A method of obtaining
financing through the sale and leasing back
of a property by the borrower. The overall
objective is to provide financing through
the owner becoming a tenant and a leasehold
mortgagor. |
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Lease Fee Estate |
| The ownership
interest or estate in a property when the
right of occupancy has been granted by a
landlord to a tenant by means of a lease. |
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Leasehold Improvements |
| Additions and
improvements made by the tenant to the
leased premises, most commonly associated
with interior finishing and mechanical
systems provided by a commercial tenant
pursuant to a lease agreement. |
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Leasing Cost Analysis |
| The examination of
costs incurred in a lease agreement,
commonly associated with comparison of
commercial lease alternatives for clients
seeking rental premises. |
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| Lease analysis can
either be generated from landlord's or
tenant's perspective. |
