Home Leasing Definitions
Application Fee
Any deposit of money, however denominated, including all money intended to be used as a security deposit under a rental agreement, or property, which is paid by a tenant to a landlord, lessor, or agent of a landlord for the purpose of being considered as a tenant for a dwelling unit.
Amenities
Facilities provided. These can include swimming pool, landscaped gardens, club house, children play area or park, etc. These constitute the “extras” and are intended to improve the quality of life of the residents in the development.
Breach of Contract
To be in violation of the terms of the rental agreement.
Credit History
A record of an individual’s repayment of debt. Credit histories are reviewed by mortgage lenders as one of the underwriting criteria in determining credit risk.
Dwelling
One or more rooms rented for use as a permanent residence under a single lease to one or more tenants.
Landlord/Owner
Any person who has a valid and legal right, title and interest in the property.
Lease
Any written or oral agreement between a landlord and tenant that establishes or modifies the terms, conditions, rules, or other provisions regarding the use and occupancy of a dwelling.
Lease Term
The length of time that a lease shall be in effect; duration of obligation.
Normal wear and tear
Deterioration that results from the intended use of a dwelling, including breakage or malfunction due to age or deteriorated condition. (the term does not include deterioration that results from negligence, carelessness, accident, or abuse of the premises, equipment, or chattels by the tenant, by a member of the tenant's household, or by a guest or invitee of the tenant.)
Premises
A tenant's rental unit, any area or facility the lease authorizes the tenant to use, and the appurtenances, grounds, and facilities held out for the use of tenants generally.
Rental Agreement
An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property.
Rental History
Rental background (similar to a credit check).
Security Deposit
A rental tenant will put down a security deposit so that the owner of the has security against any potential damages in the apartment during the term of tenancy. A deposit, usually one month’s rent, which a rental tenant will give to the landlord at lease signing as security against damage to the property during the course of their tenancy. At the end of the lease term, the landlord will take the cost of any damages caused by the tenant out of the security deposit before returning it.
Tenant
A person who is authorized by a lease to occupy a dwelling to the exclusion of others and who is obligated under the lease to pay rent.