- Lessor
- The property owner or landlord who grants the right to occupy and use the property in exchange for rent.
- Lessee
- The tenant or business that receives the right to occupy and use the property under the terms of the lease.
- Security Deposit
- A sum paid by the tenant before move-in, held by the landlord to cover unpaid rent or property damage beyond normal wear and tear.
- Lease Term
- The defined period β typically 6 months, 1 year, or longer β during which the lease is in effect and enforceable.
- Holdover Tenancy
- The situation where a tenant continues occupying a property after the lease term expires without executing a renewal, often converting to a month-to-month arrangement.
- Normal Wear and Tear
- Minor deterioration of a property that results from ordinary use β scuffed walls, worn carpet β for which a tenant is generally not financially liable.
- Triple Net (NNN) Lease
- A commercial lease structure where the tenant pays base rent plus their share of property taxes, building insurance, and maintenance costs.
- Quiet Enjoyment
- The tenant's right to occupy and use the property without interference from the landlord, provided the tenant meets lease obligations.
- Default
- A material breach of the lease β most commonly non-payment of rent β that triggers the landlord's right to pursue remedies including eviction.
- Force Majeure
- A clause excusing a party from performance obligations when extraordinary events outside their control β such as natural disasters β make performance impossible.
- Estoppel Certificate
- A signed statement by a tenant confirming the current lease terms and status, typically required when a landlord refinances or sells the property.
- CAM Charges
- Common Area Maintenance charges billed to commercial tenants to cover upkeep of shared spaces such as lobbies, parking lots, and hallways.