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Rental Glossary - I

Implied Warranty

A theory in leasing law implying the landlord renting residential property ensures the quiet enjoyment of the property or that the property is habitable.

See Habitable and Quiet Enjoyment.

Indexed Lease

A lease that contains an escalation clause, tied to an index.

See Lease.

Income Property

Real estate bought or developed to earn income through renting, leasing or price appreciation. Income property can be residential or commercial. Residential income property is commonly referred to as "non-owner occupied".

See the article Owning Montreal Real Estate: Pros and Cons of Owning Real Estate.

Key Tenant

A major tenant in an commercial office building or shopping center. Generally. a key tenant tends to lease a significant amount of the available space over a long period. As a result, they may gain favourable lease provisions and incentives.

See Anchor.

Incorporeal Property

In terms of real estate, a property in which a person has legal interests and rights, but that do not entail the right of possession and occupation, such as air and mineral rights, riparian rights (water rights), easements and access rights.

 

Industrial Property

Real estate commercial property zoned and planned for the specific purpose of industrial development and activites. Industrial property, also called industrial parks, are usually located outside the main residential area of a city and provide adequate access to transportation, including roads and railroad.

Improvement Ratio

The relative value of improvements to the value of a real estate property compared to the value of the property without the improvements.

See Tenant Improvements and Unimproved Property.