A leasehold is another term used to describe a long-term lease or rental. Property ownership returns to the original owner at the end of the term.
A leasehold is a real estate term that is used to describe a piece of property that is rented via an agreement for a long period of time. It most often applies in situations where the renting party is building something new or making improvements to an existing structure on land that is owned by the renter. The period of the rental agreement or lease may be for as many as 99 years.
The term often applies in development situations where a corporation signs a leasehold to build a commercial structure. Most buildings in these situations are obsolete by the end of the leasehold, but as the end of the lease approaches, the corporation typically has three choices:
There are also leasehold arrangements for residential properties, which can be expensive. Leasehold arrangements are popular in various European communities and in a few U.S. locations, like Hawaii. In the case of a residential leasehold, the lessee purchases the property for a certain period of time and is able to make any improvements he or she sees fit. At the end of the period, the entire property, including any improvements or additions, reverts to the original owner.Learn More
A letter of abandonment of property is the legal notification that allows the owner of the abandoned property to recover their goods before they are disposed. By law, if someone is in possession of another person's property, they can't dispose of it without legal notice to the rightful owner.Full Answer >
According to SFGate, the amount of rent that should be charged is dependent on the home's value. The typical rate for monthly rent is between 0.8 and 1.1 percent of the home's value. For example, a house worth $300,000 should have a rent ranging from $2,400 to $3,000 per month.Full Answer >
Real estate is a potentially lucrative source of income, but does not happen overnight. It requires a generous mix of education, tenacity and skill. Getting a good base education, partnering with an established brokerage and obtaining any licenses required in your state are the first steps. From there, you will need to make sound business decisions and create your own portfolio.Full Answer >
When a roommate does not pay his fair share of the rent, it is the responsibility of the other tenants to cover the missing portion if all parties signed a joint lease agreement. Holding a roommate meeting about the tardy rent might resolve the situation.Full Answer >