Lease Definitions & Terms



One who rents property to a tenant.


A contract whereby, for a consideration (usually termed rent), one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, month to month or at will.


The interest or estate that a lessee of real estate holds under the provisions of a lease.


The tenant in a lease.


The landlord in a lease.

Letter of Intent

An informal, usually non-binding, agreement among parties indicating their serious desire to move forward with negotiations.


To impose or assess a tax on a person or property. The amount of taxes to be imposed in a given district.


An employment contract between principal and agent that authorizes the agent (such as a broker) to perform services for the principal and his property.


Permission given by the landlord for a person to enter the premises of a tenant for a particular purpose. A license is of temporary character, purely a personal right, and cannot be sold. It is revocable.


A right given by law to a creditor to have a debt or charge satisfied out of the property of the debtor. It applies to a particular piece or pieces of real or personal property.

Loss Factor

What percentage of the gross area of a space is lost due to walls, elevator, etc.