Common Lease Terminology
Fredonia Off-Campus Living Guide
Common Lease Terminology
- Arrears
- overdue rent
- Assign
- transfer the unexpired portion of the lease
- Cause of action
- specific situation that may become cause for lawsuit
- Civil
- non-criminal matter
- Covenant
- a promise
- Default
- to lose by omission to perform a legal obligation
- Demised Premises
- the place of rent
- Enjoyment
- possession or occupancy of land
- Enure/Inure
- to take effect
- Eviction
- depriving a person of occupancy
- Goods and Chattels
- personal property
- Grace Period
- the amount of time past a due date when no legal penalties apply
- Indemnify
- to free from any responsibility or liability
- Lease
- a type of legal agreement establishing a tenant-landlord relationship
- Lessee
- the tenant
- Lessor
- the landlord
- Liability
- responsibility
- Notice to Vacate
- notification from the landlord ordering the tenant to leave the premises
- Parties to a Lease
- those who agree to the provisions of the lease
- Possession
- lawful occupancy and use of property and land
- Term of Lease
- the length of time that a lease shall be in effect
- Waiver
- agreeing to give up something you are entitled to