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A lease buyout involves paying off the remainder of your monthly payments plus any early termination fees in cash. Many people choose to buy out their leases at the end of their term. Then, you ...
Vacant possession refers to the typical condition in which a seller must hand over a property to a buyer upon completion, or a tenant must return the property to a landlord at the end of a lease. In simple terms, it means that the rightful person, such as a buyer or a landlord, can peacefully and fully utilize the property.
A housing lease may specify whether the renter is living alone, with family, children, roommate, visitors. A rental may delineate the rights and obligations of each of these. For example, a "sub-let" to a stranger might not be permitted without permission of the landlord. This also applies to whether or not pets may be kept by the renter.
A bargain purchase option is given to the lessee. This is an option that allows the lessee, upon termination of the lease, to purchase the leased asset at a price significantly lower than the expected fair market value of the asset. The life of the lease is equal to or greater than 75% of the economic life of the asset.
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
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related to: early lease termination letter pdf