Leasehold refers to the right acquired under a lease to use land and buildings for a specified period in return for the payment of a specific rental. Understanding leasehold agreements is crucial for both residential and commercial tenants, as it determines the terms and conditions under which they can use the leased property.
A relocation clause is a stipulation in a lease agreement that allows the landlord to move the tenant to another unit within the same building.
Tenant fixtures refer to fixtures added to leased real estate by lessees, which, by contract or by law, may be removed by the lessee upon expiration of the lease.
