Definitions

A landlord is a person who owns and rents out real estate, such as apartments or houses, to tenants. They are responsible for collecting rent from the tenants, maintaining the property, and handling any legal issues that may arise. Landlords also have the right to enforce the terms of the lease, including setting the amount…

A mortgage broker is a professional who works with borrowers to find the best mortgage loan for their needs. They act as an intermediary between the borrower and the lending institution, and have access to a wide range of loan products from multiple lenders. Mortgage brokers assess the borrower’s situation, review their credit report and…

Property software is a type of computer program that is specifically designed to assist in the management of real estate properties. It typically includes features such as tracking tenant information, managing rental payments, and calculating and generating reports on rental income. Property software is essential for property owners who need to keep track of their…

A formal eviction notice is a document that is issued by a landlord or property manager to the tenant of a rental property, informing them that they are in breach of their lease agreement and must vacate the premises within a given timeframe. This document can be served by the landlord or property manager in…

A lease is a contractual agreement between a tenant and a landlord that permits the tenant to possess and use the property owned by the landlord in exchange for a payment of rent. It is a legally binding document that sets out the terms and conditions of the agreement, such as the length of the…

A security deposit is a sum of money that a tenant pays to a landlord at the start of a rental agreement, usually equal to one month’s rent. It is held by the landlord and is intended to serve as a guarantee of the tenant’s performance of their obligations under the rental agreement. The security…

A homeowner is the legal owner of a house, apartment, or other dwelling. They are responsible for any repairs needed on their property, as well as paying taxes, insurance, and other costs associated with ownership. Homeowners may also be responsible for any violations of local zoning regulations or other laws related to their property.

A tenant is a person who occupies land or property rented from a landlord. The tenant is legally bound to the terms of the lease agreement and is responsible for paying rent and maintaining the property in accordance with the agreement.