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Market Price |
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The actual selling or leasing price of real estate property.
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Market Value |
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The expected price that a real estate property should bring if available for lease in the open market for a reasonable period of time.
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Month-to-Month Lease |
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Refers to apartments and housing units that are rented out one month at a time. Typically, the lease lasts for just one month. If the neither the tenant or landlord provides notice to terminate or modify the rental agreement, the lease is automatically renewed for one more month.
See Lease.
See also this article on rental leases in Quebec.
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Net Lease |
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For this type of commercial lease, the tenant not only pays a fixed rental amount but also expenses on the rented property, including maintenance. Also called triple-net lease or net-net-net lease.
See Gross Lease.
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Non-Disturbance Agreement |
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An agreement signed by the tenant that prevents him from being evicted if the property owner fails to pay the mortgage to the bank.
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Notice to Quit |
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A written announcement given by the landlord or the tenant to end a tenancy.
In Quebec, a rental lease can only be terminated on the agreement of both parties or in certain exceptional cases provided for by law. A landlord cannot terminate a lease before it expires, but the landlord has the right to refuse the termination a lease before its expiration, at the tenant's request.
If a tenant wished to not renew their lease, they are obligated to notify the landlord in writing at least three months before the end of the lease.
See Surrender.
See also this article on rental leases in Quebec.
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Operating Lease |
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A rental lease contract that allows the use of a property, but does not convey rights similar to ownership of the property.
See Capital Lease.
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Option |
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A right given to lease a property upon specified terms within a specified time. If the option is not exercised, the option holder is not subject to liability for damages. If the holder of the option exercises it, the one granting the option must perform the requirements stated in the option.
See also the article Commercial Real Estate Leasing Options.
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Outlet Centre |
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Shopping centre that groups retailers into one location and where most of the centre's tenants are the manufacturers of the brand name product they sell.
See Anchor.
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