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A lease purchase agreement in real estate is a rent-to-own contract between a tenant and a landlord for the former to purchase the property at a later point in time. The renter pays the seller an option fee at an agreed-upon purchase price, giving them exclusive rights to buy the property.
To record a lease agreement means to file a copy of the lease agreement with the local county land records office.
Recording a lease means that it (or a Notice of Lease) is submitted to the public record, usually at the local Registry of Deeds following the signing of it by both parties. Generally, recording of the lease protects the tenant against subsequent claims to the property.
In Ontario, when a residential lease expires, and there is no new lease, the tenancy automatically becomes a month-to-month tenancy. The main advantage for tenants with a month-to-month tenancy is that they have much more flexibility if they decide to move.
A memorandum of lease is a recordable instrument that is used to alert third partiessuch as lenders, other tenants of the property, and prospective buyersthat there is a leasehold interest encumbering a piece of real property.
Month-to-month tenancy is a periodic tenancy wherein the tenant rents from the owner on a monthly basis. This type of tenancy is most commonly found in residential leases.
A break clause (also known as Option to Determine) can be included in a lease to allow either the landlord or the tenant to bring the lease to an end early.
tomonth lease is an agreement between a landlord and a tenant that establishes occupancy without a specific end date. Each month, the lease automatically renews until either the landlord or tenant gives proper notice to end the contract.
tomonth rental agreement typically lasts, as the name implies, for 30 days. Unlike a longterm lease, it typically involves an automatic renewal unless the tenant or landlord provides notice of nonrenewal, according to .
Mark to market is an accounting practice that involves adjusting the value of an asset to reflect its value as determined by current market conditions. The market value is determined based on what a company would get for the asset if it was sold at that point in time.