landlord & tenant

trade fixture

A piece of equipment placed on or attached to commercial real estate, which is used in the tenant's trade or business. Trade fixtures differ from other fixtures in that they may be removed from the real estate (even if attached) at the end of the tenancy, while ordinary fixtures attached to the real estate become part of it.

Title X

The name of a federal law ("Title Ten," the Residential Lead-Based Paint Hazard Reduction Act) passed in 1992, aimed at helping residential landlords evaluate the risk of lead poisoning in each housing situation. Among other things, Title X requires landlords to disclose the presence of known lead paint hazards to prospective and current tenants, to give them an informational booklet, and to warn again if renovations will disturb lead paint. Home sellers must also disclose known hazards. (See also: lead hazard)

three-day notice

A notice from a landlord to a tenant to pay delinquent rent within three days or quit (leave or vacate) the premises. State laws typically set specific rules for preparing and serving three-day notices. A landlord may file an eviction lawsuit for unpaid rent against a tenant who fails to pay or vacate within three days. While the three-day notice period is common, it does not apply in all states or in all circumstances, such as property covered by local rent control ordinances.

term

1) In contracts or leases, a period of time, such as one year, in which a contract or lease will be in force. 2) In contracts or leases, a specified condition, often also called a clause, such as a provision that prohibits tenants from keeping pets. 3) A period of time for which a court sits or a legislature will be in session.

tenure

1) The right to occupy or hold property, sometimes only for a set period of time. 2) The right to hold a position indefinitely, absent serious misconduct or inability to perform the duties of the position. For example, federal judges have lifetime tenure, and professors who are granted tenure generally have indefinite job security. 3) The length of time for which a person has held a particular position. For example, "During my tenure on the Board of Directors, the company has doubled in size."

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