A Landlords Blog Glossary

It is time to exercise the mind with some landlord lingo. Although, some of these terms and words might look and sound familiar to you from reading the local newspaper, can you define what they mean? The person who posted them admits he had no idea. Every property manager, landlord, or anyone else involved in the real estate industry should become familiar with these words. So get the flash cards out and learn the vocabulary of our industry. 

Assignee vs. SubleaseProperty rights are transferred to the assignee from the tenant. For instance, an assignee may take over a lease from a tenant who wants to move out before the lease expires. Unlike a sublease the assignee takes control of the property and assumes all the legal rights and responsibilities of the tenant, including payment of rent. Like a sublease, the original tenant remains legally responsible if the assignee fails to pay the rent. In a sublease, the tenant and assignee may share responsibilities.

**Exculpatory****This is a condition in a lease that pardons the landlord from liability for all, injuries damages, or losses that happen on the property, including those produced by landlord actions. Fair Housing Act Federal laws prohibit housing discrimination on the basis of race or color, national origin, religion, sex, familial status or disability. The Federal Acts apply to all aspects of the landlord and tenant relationship, from refusing to rent to members of certain groups to providing different services during tenancy. Forfeiture vs. Effluxion of Time The first, if you break the law, you lose your property and or privileges. An example, a landlord may lose his or her property to the government if the landlord knows drugs are being dealt on the site but fails to stop the activity. It is sort of like losing your drivers license if you commit too many moving violations or are convicted of driving under the influence of alcohol or drugs. In the second, the lease expires from the normal passage of time and not from any other cause like the destruction of a building or by landlord request. Landlord In the Roman era he was the lord of the land. Now a landlord is the owner of any real estate, such as a house, apartment building or rental property. Nuisance This could be almost anything but in landlord lingo it is something that interferes with the use of property by being annoying, distasteful, disruptive or hazardous. They could be everything from lethal odors to a dog barking. Rent Control These are laws that limit the amount of rent landlords may charge, and thy state when and by how much the rent can be increased. A landlord must provide a good reason, such as repeatedly late rent, for evicting a tenant. Rent control exists in some cities and counties in California, Maryland, New Jersey, New York and Washington, D.C. Section 8 This is not a seat section at a football stadium. The Section 8 Rental Voucher Program increases affordable housing choices for low-income households by allowing families to choose privately owned rental housing. Most of these definitions are very brief, but the purpose is to give you a quick grasp of what they mean. So the next time you are at a real estate networking party, you will not get lost in a conversation.  StorageMart Columbia St & Dunlap Milledgeville, GA 31061 Self Storage Quality Assurance

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