A lease is a legal agreement between a landlord (the lessor, which is the REIT) and a tenant (the lessee) in which the tenant agrees to pay a monthly sum for a defined period of time in exchange for the right to occupy the landlord's space. Tenants and landlords negotiate all aspects of a lease, including the length of time a property will be leased (lease length, term, or duration), who will pay for which operating expenses, and who will pay for improvements to the tenant's space. This chapter explains key lease terminology, including base year, common area maintenance (CAM), escalation clauses, expenses, commissions, and rent. Finally, the chapter provides an overview of the four major types of leases: gross, net, modified gross, and full service.


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    Title :

    Leases


    Contributors:


    Publication date :

    2016-08-29


    Size :

    11 pages




    Type of media :

    Article/Chapter (Book)


    Type of material :

    Electronic Resource


    Language :

    English




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