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Leasing
A lease is a contractual arrangement calling for the user (referred to as the ''lessee'') to pay the owner (referred to as the ''lessor'') for the use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment are also leased. Basically a lease agreement is a contract between two parties: the lessor and the lessee. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. The lessee also agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree to the condition that the car will only be used for personal use. The term rental agreement can refer to two kinds of leases: * A lease in which the asset is tangible property. Here, the user '' rents'' the asset (e.g. land or goods) ''let out'' or ''rented out'' by the owner (the verb ''to lease'' is less precise because it can ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lessor (leasing)
Lessor is a participant of the lease who takes possession of the property and provides it as a leasing subject to the lessee for temporary possession. For example, in leasehold estate, the landlord is the lessor and the tenant is the lessee. The lessor may be the owner of the property or an agent authorized on the owner's behalf. Commercial banks, credit non-bank organizations, leasing companies often act as lessors. Terminology A lessor can be both legal entity and individual. Nevertheless, the term “leasing company” sometimes is used as a synonym to the term “lessor”. The Seller of the property and the lessor can be one and the same person. The role of lessor The process of interaction of the lessor with other participants of the Leasing Contract is as follows: #The Lessee chooses the seller who possesses the required property #The lessor acquires this property. He acquires the property not for his own use, but specifically for assignment for temporary use. #The lesso ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Renting
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership. An example of renting is equipment rental. Renting can be an example of the sharing economy. History Various types of rent are referenced in Roman law: rent (''canon'') under the long leasehold tenure of Emphyteusis; rent (''reditus'') of a farm; ground-rent (''solarium''); rent of state lands (''vectigal''); and the annual rent (''prensio'') payable for the ''jus superficiarum'' or right to the perpetual enjoyment of anything built on the surface of land. Reasons for renting There are many possible reasons for renting instead of buying, for example: *In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent paid in a trade or business is ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Real Property
In English common law, real property, real estate, immovable property or, solely in the US and Canada, realty, is land which is the property of some person and all structures (also called improvements or fixtures) integrated with or affixed to the land, including crops, buildings, machinery, wells, dams, ponds, mines, canals, and roads, among other things. The term is historic, arising from the now-discontinued form of action, which distinguished between real property disputes and personal property disputes. Personal property, or personalty, was, and continues to be, all property that is not real property. In countries with personal ownership of real property, civil law protects the status of real property in real-estate markets, where estate agents work in the market of buying and selling real estate. Scottish civil law calls real property "heritable property", and in French-based law, it is called ''immobilier'' ("immovable property"). Historical background The wor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
License
A license (or licence) is an official permission or permit to do, use, or own something (as well as the document of that permission or permit). A license is granted by a party (licensor) to another party (licensee) as an element of an agreement between those parties. In the case of a license issued by a government, the license is obtained by applying for it. In the case of a private party, it is by a specific agreement, usually in writing (such as a lease or other contract). The simplest definition is "A license is a promise not to sue," because a license usually either permits the licensed party to engage in an activity which is illegal, and subject to prosecution, without the license (e.g. fishing, driving an automobile, or operating a broadcast radio or television station), or it permits the licensed party to do something that would violate the rights of the licensing party (e.g. make copies of a copyrighted work), which, without the license, the licensed party could be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retail Lease In Chicago
Retail is the sale of goods and services to consumers, in contrast to wholesaling, which is sale to business or institutional customers. A retailer purchases goods in large quantities from manufacturers, directly or through a wholesaler, and then sells in smaller quantities to consumers for a profit. Retailers are the final link in the supply chain from producers to consumers. Retail markets and shops have a very ancient history, dating back to antiquity. Some of the earliest retailers were itinerant peddlers. Over the centuries, retail shops were transformed from little more than "rude booths" to the sophisticated shopping malls of the modern era. In the digital age, an increasing number of retailers are seeking to reach broader markets by selling through multiple channels, including both bricks and mortar and online retailing. Digital technologies are also affecting the way that consumers pay for goods and services. Retailing support services may also include the provision ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Service Charge
A fee is the price one pays as remuneration for rights or services. Fees usually allow for overhead, wages, costs, and markup. Traditionally, professionals in the United Kingdom (and previously the Republic of Ireland) receive a fee in contradistinction to a payment, salary, or wage, and often use guineas rather than pounds as units of account. Under the feudal system, a Knight's fee was what was given to a knight for his service, usually the usage of land. A contingent fee is an attorney's fee which is reduced or not charged at all if the court case is lost by the attorney. A service fee, service charge, or surcharge is a fee added to a customer's bill. The purpose of a service charge often depends on the nature of the product and corresponding service provided. Examples of why this fee is charged are: travel time expenses, truck rental fees, liability and workers' compensation insurance fees, and planning fees. UPS and FedEx have recently begun surcharges for fuel. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Privity Of Estate
Privity of estate is a mutual or successive legal relationship to the same right in real property, such as the relationship between a landlord and tenant. Thus, privity of estate refers to the legal relationship that two parties bear when their estates constitute one estate in law. Privity of estate involves rights and duties that run with the land if original parties intend to bind successors, and the rights touch and concern the land. Privity of estate traces the land of plaintiff and defendant back to a common owner, who imposed the restriction on the land's use. That is referred to as "vertical privity." Within the context of a landlord-tenant relationship, tenant generally cannot transfer the tenancy or privity of estate between himself and his landlord without the landlord's consent. An assignee who comes into privity of estate is liable only while he continues to be the legal assignee: while he is in possession under the assignment. See also * Privity of contract The doc ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Personal Property
property is property that is movable. In common law systems, personal property may also be called chattels or personalty. In civil law systems, personal property is often called movable property or movables—any property that can be moved from one location to another. Personal property can be understood in comparison to real estate, immovable property or real property (such as land and buildings). Movable property on land (larger livestock, for example) was not automatically sold with the land, it was "personal" to the owner and moved with the owner. The word ''cattle'' is the Old Norman variant of Old French ''chatel'', chattel (derived from Latin ''capitalis'', “of the head”), which was once synonymous with general movable personal property. Classifications Personal property may be classified in a variety of ways. Intangible Intangible personal property or "intangibles" refers to personal property that cannot actually be moved, touched or felt, but instead repr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Forfeiture (law)
In modern U.S. usage, forfeiture is deprivation or destruction of a right in consequence of the non-performance of some obligation or condition. It can be accidental, and therefore is distinguished from waiver; ''see waiver and forfeiture.'' Overview Historically, forfeiture of a convict's land and other assets followed on from conviction for certain serious offences (and thus resulted from criminal activity rather than from a failure to act). A striking illustration of the practical effects of this rule is Giles Corey’s refusal to plead, in the Salem Witch Trials, instead dying under ''peine forte et dure ' (Law French for "hard and forceful punishment") was a method of torture formerly used in the common law legal system, in which a defendant who refused to plead ("stood mute") would be subjected to having heavier and heavier stones placed upon ...''. By refusing to plead he avoided the jurisdiction of the court and thus avoided conviction and the consequent forfeiture o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Surrender (law)
In common law, surrender is the term describing a situation where a tenant Tenant may refer to: Real estate *Tenant, the holder of a leasehold estate in real estate *Tenant-in-chief, in feudal land law *Tenement (law), the holder of a legal interest in real estate *Tenant farmer *Anchor tenant, one of the larger stores ... gives up possession of property held under a tenancy as a result of which the tenancy ends. A surrender differs from an eviction on the question of mutual agreement. Surrender implies a mutual agreement, whereas eviction implies the absence of a mutual agreement. References Property law {{law-term-stub ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Time
Time is the continued sequence of existence and event (philosophy), events that occurs in an apparently irreversible process, irreversible succession from the past, through the present, into the future. It is a component quantity of various measurements used to sequence events, to compare the duration of events or the intervals between them, and to quantification (science), quantify derivative, rates of change of physical quantity, quantities in scientific realism, material reality or in the consciousness, conscious qualia, experience. Time is often referred to as a fourth dimension, along with Three-dimensional space, three spatial dimensions. Time has long been an important subject of study in religion, philosophy, and science, but defining it in a manner applicable to all fields without circular definition, circularity has consistently eluded scholars. Nevertheless, diverse fields such as business, industry, sports, the sciences, and the performing arts all incorporate som ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Leasehold Estate
A leasehold estate is an ownership of a temporary right to hold land or property in which a lessee or a tenant holds rights of real property by some form of title from a lessor or landlord. Although a tenant does hold rights to real property, a leasehold estate is typically considered personal property. Leasehold is a form of land tenure or property tenure where one party buys the right to occupy land or a building for a given length of time. As a lease is a legal estate, leasehold estate can be bought and sold on the open market. A leasehold thus differs from a freehold or fee simple where the ownership of a property is purchased outright and thereafter held for an indeterminate length of time, and also differs from a tenancy where a property is let (rented) on a periodic basis such as weekly or monthly. Terminology and types of leasehold vary from country to country. Sometimes, but not always, a residential tenancy under a lease agreement is colloquially known as ren ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
