Default on a lease refers to a tenant’s failure to comply with the terms agreed upon in a lease contract, such as missing rent payments or violating lease conditions. This breach can lead to legal consequences including eviction or financial penalties.
In real estate, “Under Contract” means a seller has accepted an offer and signed a purchase agreement, but the sale has not yet closed. “Show” indicates that the property is still available for showings, typically to secure backup offers in case the primary contract falls through.
Repurposing real estate, also known as adaptive reuse, is the process of converting an existing building from its original use to a new, different use. This practice can preserve historical structures, reduce environmental waste, and revitalize communities, though it often involves significant structural and regulatory challenges.
“2x the rent” is a common rental income requirement meaning a tenant’s gross monthly income must be at least twice the monthly rent. Landlords use this rule to assess affordability and reduce the risk of non-payment.
In real estate, ‘BOM’ stands for ‘Buyer’s Offer Made,’ indicating that a potential buyer has submitted an offer to purchase a property.
A negative escrow balance occurs when the funds in a mortgage escrow account are insufficient to cover scheduled payments for taxes, insurance, or other obligations. Lenders typically adjust the shortfall by requiring additional payments from the borrower or by recalculating future escrow contributions.
Recreational land refers to parcels designated for leisure activities such as camping, hunting, fishing, trails, and parks. It is defined by zoning, land‑use plans, or easements and plays a role in economics, environment, and community health.
The phrase “3x the rent” refers to a common landlord requirement that a tenant’s gross monthly income be at least three times the amount of rent. It is used as a screening tool to assess a renter’s ability to afford the lease.
An ‘as is’ addendum is a contractual provision in a real estate transaction stating that the buyer accepts the property in its current physical condition, including any defects, and waives the right to request repairs or seek remedy from the seller for pre-existing issues.
The total household rental voucher amount refers to the subsidy provided under the Housing Choice Voucher program. It is calculated based on income and local payment standards. This amount helps low-income families afford safe housing.