TREATMENT PIT – A sewage disposal basin in which some of the wastewater is transformed into gas and liquids before the remaining waste is discharged into an underground diversion bed by gravity. Capitalization – A mathematical process of converting net income into a value that is often used to assess income. SALE AND LEASEBACK – A transaction in which an owner typically sells their upgraded real estate and signs and maintains a long-term lease as part of the same transaction. COMMON AREAS – land or improvements intended for the use and utility of all residents, property owners and tenants. CONTRACT OF SALE – A written agreement by which a person sells, assigns or transfers his or her right or participation in personal property, to another. PACKAGE OF RIGHTS – A concept of ownership that describes all legal rights related to the ownership of real estate, including the right to sale, rental, charge, use, enjoyment, exclusion, will, etc. RENTAL AGREEMENT – A rental agreement is both a contract between the lessor (owner) and the tenant (tenant) and a transfer or sinking of the premises by the lessor. A lease agreement is a contract in which the object brings together the agreement between the parties. RENTAL POOL – A tenancy agreement in which the owners of participating rental units agree to make their residential units available for rent, in accordance with the lessor`s designation, and then distribute them according to an agreed formula on the profits and losses of all rented units in the pool. RESTRICTIVE AGREEMENT – A private agreement that is normally included in a document and that limits the use and occupation of real estate. The date a seller sells their property often does not perfectly match when he or she is able to evacuate the property. In this situation, a leaseback contract is a perfect solution – the seller sells the property, but remains in possession.
Therefore, understanding leaseback contracts can be extremely important for buyers interested in real estate with sellers who are not able to evacuate a property at the same time as entering into the fiduciary contract. RULES OF THE HOUSE – Rules of conduct adopted by a board of directors of a condominium and intended to promote harmonious living between owners and residents. REBATE – Early transfer of a property to a person with a future interest, for example.B. where a lessee remits the interest on the inheritance tax to the owner of the redemption interest, the lessor, before the normal expiry of the lease agreement. LIST – A written employment contract between a real estate owner and a broker that authorizes the broker to find a buyer or tenant for a particular property. LIEN – An enumerable charge or claim that one person (lienor) has on the property of another (Lienee) as security for a debt or bond. Pledge rights can be created by the agreement of the parties (mortgage) or by law (tax pledge rights). NOVATION – The replacement of a new commitment by an old one; Replacement of new parties to an existing obligation, such as when the parties to an agreement accept a new debtor instead of an old one. COMMON RENTAL RELATIONSHIP – A form of simultaneous ownership between two or more people, each with an unshared interest in the entire property; often when the parties acquire the property by descent or will.
ASSIGNMENT – The transfer of the right, title and interest in the ownership of one person, from the beneficiary of the pension, to another, the beneficiary of the assignment. In real estate, there are, among other things, assignments of mortgages, contracts, sales contracts, leasing contracts and options. GROSS RENTAL AGREEMENT – A lease agreement for real estate under which the lessee pays a fixed rent and the lessor pays taxes, insurance and other expenses that are regularly incurred by the property. CONSTRUCTIVE COMMUNICATION – Communication of certain facts that are implied by a person`s status, because he or she could have discovered the fact by due diligence or by reviewing public records.. . . .