A co-tenancy clause is a provision in a lease agreement that requires a certain number of tenants to be present in order to maintain the agreement. This clause is typically included in retail leases, in order to ensure that the tenant has enough foot traffic to sustain their business. If the number of tenants drops … Read more
An accessory dwelling unit (ADU) is a self-contained living unit that is attached to, or located within, a single-family home. ADUs can take many forms, including in-law apartments, granny flats, garage conversions, and basement apartments. ADUs are often used as rental units, providing income for the homeowners and increasing the density of a neighborhood. They … Read more
Lease Extension A lease extension is when a tenant and landlord agree to extend the length of the tenant’s lease. This can be done for a number of reasons, such as if the tenant wants to stay in the property for longer than the original lease term. There are a few things to keep in … Read more
A lessor is a person who owns property and leases it to another person. The lessee is the person who pays the lessor for the use of the property. What is the most common lease term for an apartment? The most common lease term for an apartment is one year. What are the 3 main … Read more
A security deposit is a sum of money that a tenant pays to a landlord at the beginning of a tenancy. The deposit is held by the landlord and is used to cover any damages that the tenant may cause to the property during their tenancy. The deposit is also used to cover the cost … Read more
A lessee is an individual who has signed a lease agreement with a lessor in order to rent a property from them. The lease agreement will detail the terms of the rental, such as the length of the lease, the amount of rent that is due, and any other rules or restrictions that the lessee … Read more
A month-to-month tenancy is a type of rental agreement where the tenant agrees to pay rent on a monthly basis, with no set end date to the tenancy. This type of agreement can be beneficial for both the landlord and the tenant, as it allows for flexibility and can be ended with relatively short notice. … Read more
A single net lease is a type of lease agreement where the tenant is responsible for paying a portion of the property taxes, building insurance, and/or common area maintenance in addition to the base rent. The specific expenses that the tenant is responsible for will be outlined in the lease agreement. What are the key … Read more
A renewal option is a feature of some leases that allows the tenant to extend the term of the lease beyond the initial term. Renewal options give tenants the security of knowing they can stay in their current home or office for as long as they want, provided they give the landlord the required notice … Read more
A lease option is an agreement between a tenant and a landlord that gives the tenant the right to purchase the property at a set price during the term of the lease. The tenant pays the landlord a non-refundable option fee and a monthly premium in addition to the rent. The option fee and premium … Read more
