Rental Glossary - D
Direct Finance Lease
An accounting classification term. A direct finance lease is similar to a capital lease, however the term only applies to the landlord.
An imposed restriction in a deed that limits the use of a commercial property. For example, a restriction could prohibit the sale of alcoholic beverages.
A free-standing residential building usually found in the suburbs and less dense urban areas. Detached houses are built on lots larger than the structure itself, with a front and back yard surrounding the house. They also have either a driverway, an attached carport or a garage.
Detached homes in Montreal usually have at least a living room, kitchen, bedroom and a bathroom. Furthermore, most average houses also have a dining room, family room, laundry room and a study. Examples of detached houses are a cottage and a bungalow.
In Canada and the United States, a detached home is also called a single-family detached home, single-family home, a or single-detached dwelling.
A two-unit apartment building or condo. From the exterior, duplexes look like any normal house. However, the building consists of two rental units - one above the other. Each unit has its own separate lot and entrance.
Unlike townhouses, when duplexes is purchased the entire building is purchased as a single piece of real estate. Duplexes in Montreal make up the majority of the dwellings there. They are also very common in the northeastern part of North America and in urban areas throughout Canada and the United States.