|
|
Glossary of Terms
From 'Abstract of Title' to 'Triple-Mint', the arcana of real estate explained.Browse alphabetically by choosing a letter from the list below. |
 |
| 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 |
|
| L |
| Term |
Description |
| Lease Assignment: |
When a lessee (tenant) must leave his/her apartment prior to the end of the particular lease and he/she remains responsible for the duration of the term. In such an instance, the lessor (owner) will allow the lessee to assign the remaining term on the lease to a new tenant. However, in most situations like this, a prudent owner/landlord will keep the original tenant on the lease and thus responsible for the remainder of the term. Whether or not the owner/landlord allows the new tenant to remain in the apartment is strictly at the discretion of the owner/landlord. |
|
|
| Lease: |
A legal document which outlines the responsibilities and parameters between a landlord and a tenant. |
|
|
| Listing(s): |
Brokers refer to available apartments as listings. These can be either sale or rental availabilities. |
|
|
| Loft Space: |
By definition, this term refers to space which has been converted from commercial usage to residential usage. This can include the conversion of office space, factory space or warehouse space. At present, there is a wave of conversion of downtown space from commercial office building space to residential loft or loft-like space. Some of the attributes of loft space may include high ceilings, open space, raw space, large windows, etc. |
|
|
| Lot: |
Each New York City parcel of land is divided into lots for purpose of identification |
|
|
|
|
 | |
