Dictionary of Law
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

leasehold :: legal definition


Leasehold - n. the real estate which is the subject of a lease (a written rental agreement for an extended period of time). The term is commonly used to describe improvements on real property when the improvements are built on land owned by one party which is leased for a long term (such as 99 years) to the owner of the building. For example, the Pacific Land Company owns a lot and leases it for 99 years to the Highrise Development Corporation, which builds a 20-story apartment building and sells each apartment to individual owners as condominiums. At the end of the 99 years the building has to be moved (impossible), torn down, sold to Pacific (which need not pay much since the building is old and Highrise has no choice), or a new lease negotiated. Obviously, toward the end of the 99 years the individual condominiums will go down in value, partly from fear of lessened resale potential. This is generally theoretical (except to lending companies because the security does not include the land) since there are few buildings with less than 50 or 60 years to go on the leases or their expected lifetimes, although there are some commercial buildings which are within 20 years of termination of such leases. In most cases the buildings are obsolete by the end of the leasehold.

See also: condominium lease and Related Law Terms ↓


Related Law Terms

abstract of judgment :: n. a written summary of a judgment which states ho ... aying the debt. See also: levy lien
adverse possession :: n. a means to acquire title to land through obviou ... o: possession prescriptive easement
back-to-back life sentences :: n. slang for consecutive life terms imposed by a j ... ther 25 years for a parole hearing.
bond :: n. 1) written evidence of debt issued by a company ... good up to the amount of the bond.
chain of title :: n. the succession of title ownership to real prope ... title conveyance foreclosure title
common area :: n. in condominium and some cooperative housing pro ... tage of total store space occupied.
company :: n. any formal business entity for profit, which ma ... s a corporation. See also: business
condemn :: v. 1) for a public agency to determine that a buil ... condemnation action eminent domain
condition subsequent :: n. 1) in a contract, a happening which terminates ... Dad Fauntleroy. See also: condition
condominium :: n. title to a unit of real property which, in real ... ium projects. See also: common area
contract :: 1) n. an agreement with specific terms between two ... n oral contract unilateral contract
cooperative housing :: n. an arrangement in which an association or corpo ... common area condominium cooperative
cumulative sentence :: n. when a criminal defendant has been found guilty ... in a five-year term in the example.
demise :: 1) v. an old-fashioned expression meaning to lease ... r life. 3) n. death. 4) n. failure.
easement :: n. the right to use the real property of another f ... rstandings at the time of creation.
encroach :: v. to build a structure which is in whole or in pa ... wn property. See also: encroachment
escrow :: 1) n. a form of account held by an "escrow agent" ... w the deal." See also: escrow agent
escrow instructions :: n. the written instructions by buyer and seller of ... ir agents. See also: closing escrow
eviction :: n. a generic word for the act of expelling (kickin ... ve eviction lease unlawful detainer
felony :: n. 1) a crime sufficiently serious to be punishabl ... ion. See also: misdemeanor sentence
grant deed :: n. the document which transfers title to real prop ... rant grantee grantor quitclaim deed
interest :: n. 1) any and all, partial or total right to prope ... nal property real property standing
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
land :: n. real property, real estate (and all that grows ... See also: real estate real property
lateral support :: n. the right of a land- owner to assurance that hi ... support problems are less dramatic.
lease :: 1) n. a written agreement in which the owner of pr ... triple net lease unlawful detainer
legatee :: n. a person or organization receiving a gift of an ... eficiary devise devisee legacy will
lis pendens :: (lease pen-dense) n. Latin for "a suit pending," a ... ob can be penalized by court order.
mechanic's lien :: n. the right of a craftsman, laborer, supplier, ar ... ll sue for the debt. See also: lien
mortgage :: n. a document in which the owner pledges his/her/i ... losure notice of default trust deed
notice :: n. 1) information, usually in writing in all legal ... Thirty-day notice three-day notice
property :: n. anything that is owned by a person or entity. P ... rty real property separate property
property tax :: n. an annual governmental tax on real property or ... are made. See also: ad valorem tax
real property :: n. 1) all land, structures, firmly attached and in ... onal property real estate reversion
restrictive covenant :: n. 1) an agreement included in a deed to real prop ... o: covenant that runs with the land
riparian rights :: n. the right of the owner of the land forming the ... elled away from its natural course.
sentence :: 1) n. the punishment given to a person convicted o ... ence restitution suspended sentence
straw man :: n. 1) a person to whom title to property or a busi ... a trail will mislead hunting dogs).
term :: n. 1) in contracts or leases, a period of time, su ... nancy" is one term for "occupancy."
title insurance :: n. a policy issued by an insurance company guarant ... : chain of title title title search
title report :: n. the written analysis of the status of title to ... lso: abstract title title insurance
unlawful detainer :: n. 1) keeping possession of real property without ... Thirty-day notice three-day notice

Popular Law Searches

legal definition ministerial act :: n. an act, particularly of a governmental employee ... exercising any individual judgment.
chancery legal definition :: n. a court that can order acts performed. Today ch ... ts in most states. See also: equity
testamentary disposition legal definition :: n. how the terms of a will divide the testator's ( ... named beneficiaries. See also: will
contract of sufferance :: n. a "hold-over" tenancy after a lease has expired ... y tenancy at will unlawful detainer
forthwith legal definition :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
forthwith definition legal :: adv. a term found in contracts, court orders and s ... mediacy, with no excuses for delay.
what is to wit in a legal contract :: prep. that is to say. Example: "the passengers in ... tty Bumgartner and Sherry Younger."
mirror wills legal definition :: n. the wills of a husband and wife which are ident ... d each names the other as executor.
clean hands doctrine latin :: n. a rule of law that a person coming to court wit ... ices. See also: affirmative defense
sine qua non only relates to contract law :: (see-nay kwah nahn) prep. Latin for "without which ... qua non of the injury to Playmate.

Other Law Terms - L

labor and materials :: (time and materials) n. what some builders or repa ... track of actual labor hours worked.
laches :: n. the legal doctrine that a legal right or claim ... , breach of contract, fraud, etc.).
land :: n. real property, real estate (and all that grows ... See also: real estate real property
landlady :: n. female of landlord or owner of real property fr ... rents or leases. See also: landlord
landlocked :: adj. referring to a parcel of real property which ... which it was created (carved out).
landlord :: n. a person who owns real property and rents or le ... so: lease lessee lessor rent tenant
landlord and tenant :: n. the name for the area of law concerning renting ... ord lease lessee lessor rent tenant
landlord's lien :: n. the right of a landlord to sell abandoned perso ... to the ex-tenant and a public sale.
lapse :: 1) v. to fail to occur, particularly a gift made i ... eficiary devisee legatee trust will
larceny :: n. the crime of taking the goods of another person ... : grand larceny petty larceny theft
last antecedent rule :: n. a doctrine of interpretation (construction) of ... o trucks and not boats or tractors.
last clear chance :: n. a rule of law in determining responsibility for ... contributory negligence negligence
last will and testament :: n. a fancy and redundant way of saying "will." Law ... writing another one. See also: will
latent defect :: n. a hidden flaw, weakness or imperfection in an a ... warranty product liability warranty
lateral support :: n. the right of a land- owner to assurance that hi ... support problems are less dramatic.
law :: n. 1) any system of regulations to govern the cond ... um maritime law natural law statute
law and motion calendar :: n. a court calendar in which only motions and spec ... special legal arguments are heard.
law book :: n. any of numerous volumes dealing with law, inclu ... : common law law Shepardize statute
law of admiralty :: n. statutes, customs and treaties dealing with act ... w. See also: Jones Act maritime law
law of the case :: n. once a judge has decided a legal question durin ... he ruling is the "law of the case."