The property world has its own jargon. Many of the terms estate agents and others use are technical and legal in nature... so krispyhouse hopes that the following guide is helpful to you.
These are not legal definitions, more of a user guide to help tenants. If you are in doubt you should consult a solicitor.
Abatement | If you have to move out because your place becomes uninhabitable through no fault of your own, then you can have an abatement and you won’t have to pay rent. |
Accessible | This usually means that someone with a physical disability to get in and out. |
Arrears | ‘In arrears’ refers to being behind with payments. |
As-is condition | Often means you’ll take a place with any current defects. |
Building code | This is a set of standards used by local authorities. |
Certificate of occupancy | The certificate represents an approval of a flat or house to rent in terms of the quality of its acommodation. |
Co-signer | If you have a low credit score you might need a friend, parent or employer to vouch for you by being a co-signer. |
Co-tenant | Someone who signs the lease alongside you and who has equal rights and responsibilities according to the lease agreement. |
First refusal | As a tenant you might be given the right of first refusal to re-lease the property. |
Guarantor | This could be a friend, parent or employee who guarantees the rental payments in such a way that if you don’t pay the rent, he/ she will. |
HVAC | Heating, ventilation and air conditioning. |
Lease | A legal contract between the landlord or owner of a place and you, the tenant. |
Lessee | That’s you, the tenant. |
Lessor | That’s the property owner/ landlord. |
Lien | This is often a term used to refer personal property held by the tenant that a landlord can have a change over until rent is paid. |
Mixed-used zoning | Buildings or complexes that have a mixed uses, for example, retail, commercial and residential. |
Notice to quit | Typically, an instruction by a landlord to leave a property. It can be withdrawn sometimes if a landlord issues the instruction subject to rent arrears being paid. |
Renewal | When a lease is over there may be an opportunity to renew that lease, either for the same term as before or perhaps for a shorter period. |
Security deposit | Money that the landlord keeps on account during the whole tenancy. This is to cover possible costs relating to any damage you might cause to the property. |
Sublease | You might be able to sublease, sublet part of the property. |
Utilities | This refers to services such as water, gas, electricity. |