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Lease Glossary

Apartment
A room or suite of rooms designed as a residence and generally located in a building occupied by more than one household

Basement
The lowest habitable story of a building, usually below ground level.

Bathrooms
A room equipped with facilities for taking a bath or shower and usually also containing a sink and toilet.

Bedroom
A single room in a dwelling. It may or may not contain a bed.

Cabin
A small, roughly built house.

Condominium
A building or complex in which units of property, such as apartments, are owned by individuals and common parts of the property, such as the grounds and building structure, are owned jointly by the unit owners.

Duplex
Having two apartments, divisions, or floors.

Eviction
To expel (a person, especially a tenant) from land, a building, etc., by legal process, as for nonpayment of rent or breaching of the contract.

House
A structure serving as a dwelling for one or more persons, especially for a family.

Landlord
One who rents property to another, a lessor. A property owner who surrenders the right to use property for a specific time in exchange for the receipt of Rent. The landlord retains title to the property, but the rights of the tenant, or lessee, are spelled out in a Lease.

Late payment
Any payment that the Tenant fails to pay to the Landlord within the specified pay period.

Lead-Based Paint
Housing built before 1978 may contain lead-based paint. Lead from paint, paint chips, and dust can pose health hazards if not taken care of properly. Lead exposure is especially harmful to young children and pregnant women.

Lease
An agreement in which one party gains a long-term rental agreement, and the other party receives a form of secured long-term debt.

Lessee
The lessee is also known as the tenant.

Mobile Home
A large trailer, fitted with parts for connection to utilities, that can be installed on a relatively permanent site and that is used as a residence.

Pets
An animal kept for amusement or companionship.

Premises
A tract of land with its component parts (as buildings); also A building or part of a building usually with its appurtenances (as grounds or easements)

Property
that which a person owns; the possession or possessions of a particular owner

Rent
In law, periodic payment by a tenant for the use of another's property.

Residents
One who lives in a dwelling.

Room
An area within a building enclosed by walls and floor and ceiling.

Security/Damage Deposit
Money provided by a tenant to a landlord to secure performance of a rental agreement or compensate for possible loss or damage.

Sublease
A rental agreement or lease between a tenant and a new tenant (called a sublessee) who will either share the rental or take over from the first tenant.

Tenancy Agreement
The tenancy agreement is a contract between a tenant and a landlord. It may be written or oral. The tenancy agreement gives certain rights to both tenant and landlord, for example, tenant's right to occupy the accommodation and the landlord's right to receive rent for letting the accommodation.

Tenants
One who holds or possesses property by any kind of right One who holds a tenancy in property; specifically One who possesses property in exchange for payment of rent.

Term
The length of the agreement. This is usually set up in one of two ways; either as an automatically renewing term (monthly for example) or for a specified amount of time (January 1 2007 until January 1 2008 for example).

Townhouse
A house that is one of a row of identical houses situated side by side and sharing common walls.

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