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A roommate is a person with whom one shares a living facility such as a room or dormitory except when being family or romantically involved. Similar terms include dormmate, suitemate, housemate, or flatmate. Flatmate is the term most commonly used in New Zealand, when referring to the rental of an unshared room within any type of dwelling. Another similar term is sharemate. A sharehome is a model of household in which a group of usually unrelated people reside together. The term generally applies to people living together in rental properties rather than in properties in which any resident is an owner occupier. In the UK, the term "roommate" means a person living in the same bedroom, whereas in the United States and Canada, "roommate" and "housemate" are used interchangeably regardless whether a bedroom is shared, although it is common in US universities that having a roommate implies sharing a room together. This article uses the term "roommate" in the US sense of a person one shares a residence with who is not a relative or significant other. The informal term for roommate is roomie, which is commonly used by university students.
A condominium, often shortened to condo in the United States and in most Canadian provinces, is a type of living space similar to an apartment but independently sellable and therefore regarded as real estate. The condominium building structure is divided into several units that are each separately owned, surrounded by common areas that are jointly owned. Condominiums are a type of common-interest development (CID). Similar concepts in other English-speaking countries include strata title in Australia, Malaysia, New Zealand, and the Canadian province of British Columbia; commonhold in the United Kingdom; and sectional title in South Africa.
A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. Property, buildings and vehicles are common assets that are leased. Industrial or business equipment is also leased.
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.
Key money is one of several forms of payment made to a landlord. The term has various meanings in different parts of the world. It sometimes means money paid to an existing tenant who assigns a lease to a new tenant where the rent is below market. It sometimes means a bribe to a landlord. In other parts of the world, it is used synonymously with normal security deposits, which are used to cover nonpayment of rent and excessive damage to a rental unit.
A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. As a minimum, the agreement identifies the parties, the property, the term of the rental, and the amount of rent for the term. The owner of the property may be referred to as the lessor and the renter as the lessee.
The commercial property, also called commercial real estate, investment or income property, is a real estate intended to generate a profit, either from capital gain or rental income. Commercial property includes office buildings, medical centers, hotels, malls, retail stores, multifamily housing buildings, farm land, warehouses, and garages. In many states, residential property containing more than a certain number of units qualifies as commercial property for borrowing and tax purposes.
Commercial areas in a city are areas, districts, or neighborhoods primarily composed of commercial buildings, such as a downtown, central business district, financial district, "Main Street", commercial strip, or shopping centers. Commercial activity within cities includes the buying and selling of goods and services in retail businesses, wholesale buying and selling, financial establishments, and a wide variety of uses that are broadly classified as "business." While commercial activities typically take up a relatively small amount of land, they are extremely important to a community's economy. They provide employment, facilitate the circulation of money, and often serve many other roles important to the community, such as public gathering and cultural events.
Utility sub-metering is a system that allows a landlord, property management firm, condominium association, homeowners association, or other multi-tenant property to bill tenants for individual measured utility usage. The approach makes use of individual water meters, gas meters, or electricity meters.
Leaseback, short for "sale-and-leaseback", is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it. The transaction is generally done for fixed assets, notably real estate, as well as for durable and capital goods such as airplanes and trains. The concept can also be applied by national governments to territorial assets; prior to the Falklands War, the government of the United Kingdom proposed a leaseback arrangement whereby the Falklands Islands would be transferred to Argentina, with a 99-year leaseback period, and a similar arrangement, also for 99 years, had been in place prior to the handover of Hong Kong to mainland China. Leaseback arrangements are usually employed because they confer financing, accounting or taxation benefits.
In the field of commercial real estate, especially in the United States, a net lease requires the tenant to pay, in addition to rent, some or all of the property expenses that normally would be paid by the property owner. These include expenses such as property taxes, insurance, maintenance, repair, and operations, utilities, and other items. These expenses are often categorized into the "three nets": property taxes, insurance, and maintenance. In US parlance, a lease where all three of these expenses are paid by the tenant is known as a triple net lease, NNN Lease, or triple-N for short and sometimes written NNN.
A retail kiosk is a store operated out of a merchant-supplied kiosk of varying size and shapes, which is typically enclosed with the operator located in the center and customers approaching the vendor across a counter.
The German income approach is the standard approach used in Germany for the valuing of property that produces a stream of future cash flows.
A common area is, in real estate or real property law, the "area which is available for use by more than one person..." The common areas are those that are available for common use by all tenants, (or) groups of tenants and their invitees. In Texas and other parts of the United States, it is "An area inside a housing development that is owned by all residents or by an overall management structure which charges each tenant for maintenance and upkeep."
In architectural, construction, and real estate, floor area, floor space, or floorspace is the area taken up by a building or part of it. The ways of defining "floor area" depend on what factors of the building should or should not be included, such as external walls, internal walls, corridors, lift shafts, stairs, etc. Generally there are 3 major differences in measuring floor area.
In United States real estate business, normally the landlord, rather than the tenant, is responsible for real estate taxes, maintenance, and insurance. In a "net lease" the tenant or lessee is responsible for paying, in addition to base rent, some or all of the recoverable expenses related to real-estate ownership. As the rent collected under a net lease is net of expenses, the base rent tends to be lower than rent charged under a gross lease.
Common Area Maintenance charges, or CAM for short, are one of the net charges billed to tenants in a commercial triple net (NNN) lease, and are paid by tenants to the landlord of a commercial property. A CAM charge is an additional rent, charged on top of base rent, and is mainly composed of maintenance fees for work performed on the common area of a property.
Percentage rent, or a percentage lease, is a type of lease seen in commercial real estate. It is a rental charge based on the gross income of the tenant rather than a fixed monthly or annual value. In most examples, the percent rent only applies after a certain amount of base rent has been paid. The amount where the percentage rent begins to apply is known as the breakpoint. Some leases may be purely percent based and have no base component, but such cases are not common. Percent rent is normally considered an additional rent term.
In commercial real estate, recoverable expenses are those expenses of running a property that are billed back to the tenants as a form of additional rent. A simple example is the electricity bill for a large complex that is then divided up among the tenants. Water, natural gas, cleaning and other operating expenses are often considered recoverable, as well as some periodic capital expenses. Not all expenses are recoverable, those that directly benefit only the landlord are generally not included. For instance, spending on advertising to attract new tenants does not directly benefit existing tenants, and thus is not generally included as a recoverable item.
Net Effective Rent, sometimes Net Effective Rate, or NER for short, is a measure of the expected income from a tenant, seen mostly in commercial real estate. It is the net present value of all the rental payments over the period of the lease, as well as any abatements or incentives that might add to or lower these payments. An example of a lowered payment is a month of free rent offered to a tenant as an inducement to renew a lease, or a allowance that can be used to offset the costs of a tenant's improvements to the unit, like new paint. NER contrasts with the "face rent", the agreed rental rate for the space.
References
- Roberts, Peter (11 September 2014). ""Additional Rent" and a Tenant's "Proportionate Share"".
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