Lease

Definition

A binding contract that details the terms of a rental arrangement, basically a detailed way to say 'pay me monthly or get out.'

Example Usage

Our lease specifies a $2,500 monthly rent with a 12-month term and explicit pet policies.

Origin

Old French 'laisser,' meaning to let or allow

Fun Fact

An oral lease is legally binding in most states, but it's a nightmare to enforce and is basically a recipe for conflict.

Source: Landlord-tenant law

Related Terms

Advanced

title cloud

Any irregularity or claim that casts doubt on a property's ownership rights. It's like a storm cloud over your closing, except instead of rain, it's liens and legal disputes.

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Comps

Short for comparables, these are recently sold nearby homes that agents use to justify whatever price they want. Finding the right comps is an art form -- you just cherry-pick the ones that support your narrative.

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mil rate

Property tax rate expressed in mills, where one mill equals one-tenth of one cent ($0.001). Because saying 'point zero zero one dollars' is apparently too straightforward for local governments.

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contingencies

The 'what if' scenarios that keep project managers up at night and pad contracts with extra zeros. In real estate, these are the escape clauses buyers insert into offers like 'contingent on inspection' or 'contingent on not discovering the basement is haunted.' Essentially, it's the professional way of saying 'but only if everything goes according to plan,' which it never does.

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price per door

The total acquisition cost of a multifamily property divided by the number of rental units, providing a quick metric for comparing deals. It's how apartment investors reduce complex investments to a single number they can text each other.

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riparian rights

Property rights of landowners whose property borders rivers or streams, governing water use and access. The reason your creek-front property doesn't mean you own the water or can dam it up.

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