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STEP-UP LEASE A lease with fixed rent for an initial term and provision for pre-determined rent increases at specified intervals and/or increases based upon periodic appraisals; sometimes called a graduated lease. CLOSING COSTS Expenses of the sale which must be paid in addition to the purchase price (in the case of the buyer's expenses), or be deducted from the proceeds of the sale (in the case of the seller's expenses). TENANCY IN COMMON A form of concurrent ownership of property between two or more persons, in which each has an undivided interest in the whole property; frequently found when the parties acquire title by descent or by will. DISTRAINT The right of a landlord, pursuant to a court order, to seize a tenants belongings for rents in arrears. PUNCH LIST A discrepancy list showing defects in construction which need some corrective work to bring the building up to standards set by the plans and specifications. |
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