Archives: Glossary Terms

The utilization of a lawn and plantings to improve the appearance of a lot.

A charge assessed by a party against another party for failing to make agreed to payments when due. See Penalty.

The physical weaknesses or construction defects not noticeable even after a reasonable inspection of the property.

1. A contract between owner and tenant setting forth conditions upon which a tenant may possess and use the property and the term of the occupancy. 2. Sometimes used as a method of financing as an alternative to purchasing property outright.

See Lease with an option to purchase.

An arrangement whereby a portion of the rent may be applied toward an established down payment or purchase price. Upon payment of the down payment the tenant, using borrowed funds, purchases the property and becomes the owner outright rather than a mere lessee.

A lease in which the lessee (tenant) has the right to purchase real property under certain conditions such as a stipulated price or within a stipulated time frame either during or at the end of the lease term.

The interest, that can be valued, in a property that has been leased to others that the owner has such as the right to receive ground rent over a period of time and also the right to repossess the property at the termination of the lease.

See Leasehold estate.

A less-than-freehold estate or personal property interest that a tenant has in property which is obtained through the lease.