| A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Arrears:
Overdue rent
Assign:
Transfer the unexpired portion of an apartment lease to a new tenant.
Adjustable-rate mortgage (ARM)
A mortgage in which the interest rate increases or decreases over the life of the loan based on market conditions, resulting in possible changes in monthly payments. Some plans have rate caps that limit the amount your interest rate may change. This loan, which has many variations, generally carries a lower initial rate than a fixed-rate loan because the borrower assumes the risk of the rising or falling market.
Agreement of sale
Known by various names, such as contract of purchase, purchase agreement, or sales agreement according to location or jurisdiction. A contract in which a seller agrees to sell and a buyer agrees to buy, under certain specific terms and conditions spelled out in writing and signed by both parties.
Amortization
A payment plan which enables the borrower to reduce his or her debt gradually through monthly payments of principal.
Annual percentage rate (APR)
The cost of your loan, expressed as an annual percentage. Lenders are required by law to provide you with the APR calculation. The lender must calculate all the financing charges paid by the borrower, including the interest paid on the loan, the loan origination fee and mortgage insurance you may be required to pay.
Appraisal
An expert judgment or estimate of the quality or value of real estate as of a given date.
CAUSE OF ACTION:
Specific situation that may become the basis for a lawsuit.
CIVIL:
A non-criminal legal matter. Housing and rental disputes are generally handled in civil courts.
COVENANT:
Promise. Independent covenant: You must perform your obligation even if the other party does not.
DEPENDENT COVENANT:
You carry out your obligation on the condition that the other party fulfills its obligation.
DEFAULT:
To forfeit or lose by omission; to fail to perform a legal obligation.
DEMISED PREMISES:
The apartment being rented.
DETAINER:
Withholding another's property against his or her will.
DISPOSSESS:
Remove a person from land; the legal action brought for nonpayment of rent.
DISTRAINT (proceed by distress):
The rental property owner takes your personal property to force you to pay or eventually sells it to get his or her rental monies.
EJECTMENT:
Physical or legal eviction from land
EMURE:
To take effect
ENJOYMENT:
Possession or occupation of land. Quiet enjoyment: freedom from invasion of privacy by the rental property owner
EVICTION:
Depriving a person of possession of occupancy. Constructive eviction: not actually removing a tenant but making it impossible for him or her to remain because of the conditions, such as serious deterioration
GOODS AND CHATTELS:
Personal property
INDEMNIFY AND HOLD HARMLESS:
To free from any responsibility or liability.
INURE:
Take effect
LEASE:
A type of legal agreement establishing a property owner-tenant relationship
LESSEE:
Tenant
LESSOR:
Rental property owner
LIABILITY:
Responsibility, loss; a negative element
NOTICE TO QUIT:
Notification from the apartment complex owner to tenant ordering tenant off the rental property, usually after thirty days from the first day of the rental period.
NOTICE TO VACATE:
Notification from the tenant to the apartment complex owner stating the tenant's intention to leave the rental property, usually after thirty days from the first day of the rental period.
PARTIES TO A LEASE:
Those who agree to abide by the provisions of a lease; typically you as a tenant, any roommates, and the apartment complex owner.
POSSESSION:
Lawful occupation and use of the land, subject to protections of "quiet enjoyment."
Quitclaim deed
A deed that transfers whatever interest the maker of the deed may have in the particular parcel of land. A quitclaim deed is often given to clear the title when the grantor's interest in a property is questionable. By accepting such a deed the buyer assumes all the risks. Such a deed makes no warranties as to the title, but simply transfers to the buyer whatever interest the grantor has.
Rate lock-in
A guarantee the interest rate will remain the same for a specified period of time. Whether the loan's interest rate index rises or falls during that period, the borrower pays the rate which was current at the time of the lock-in agreement.
REPLEVIN:
Legal action to recover property that was unlawfully seized.
SUBLET:
Agreeing to permit someone to use a rental property for a term less that the full term of the apartment lease, and to be paid for that permission.
SUMMARY PROCEEDING (to recover possession):
Eviction. It is called "summary proceeding" because it is a swift and simple procedure for the apartment complex owner.
TENANT AT SUFFERANCE:
A tenant who has remained in a unit after a lease or tenancy at will lease agreement has expired or was terminated
TENANT WITHOUT A LEASE:
A tenant with the rental property owner's consent to occupy a premises without a lease agreement
TENANT WITH A LEASE:
A tenant with a contract that allows for a certain length of occupancy at a set rent
TERM OF LEASE:
The length of time that a lease shall be in effect; duration of obligation
WAIVER:
Relinquishment of a right, agreeing to give up something to which you are entitled
WARRANTY OF HABITABILITY:
Promise that the rental property is safe and usable for residential use.
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