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Real Estate Dictionary

Real Estate Dictionary

What is Pet Screening?

Pet screening is the process landlords use to evaluate and document tenants' pets or assistance animals to ensure compliance with property rules and legal requirements.

October 13, 2024

What is a No-Cause Eviction?

A No-Cause Eviction is when a landlord terminates a lease without giving a reason, typically requiring advance notice and subject to local tenant protection laws.

October 13, 2024

Can an HOA Evict You?

An HOA cannot directly evict you, but failure to pay dues or violating rules can lead to legal actions, such as foreclosure, which might result in eviction by the new owner.

October 13, 2024

How Long Does a Landlord Have to Make Repairs?

A tenant can typically break their lease if the landlord fails to make necessary repairs within a reasonable time after being notified, especially if the issue affects the property's habitability, though local laws and lease terms vary.

October 13, 2024

Typical Roof Depreciation Life

Residential roofs are typically depreciated over 27.5 years and commercial roofs over 39 years, though the lifespan varies by material and some improvements may be expensed immediately under tax laws.

October 13, 2024

What is a Typical Apartment Move in Fee?

A typical apartment move-in fee can vary depending on location and type of property, but it generally ranges between $200 and $500.

October 13, 2024

Can the HOA Enter Your Home?

An HOA generally cannot enter your home without permission, except in emergencies or for maintaining common areas, as outlined in the community's governing documents.

October 13, 2024

How Do Landlords Check for Evictions?

Landlords check for evictions by using tenant screening services, credit reports, public court records, contacting previous landlords, and reviewing rental applications.

October 13, 2024

What is Bonus Depreciation?

Bonus depreciation in real estate is a tax incentive that allows property owners to immediately deduct a significant portion of the cost of qualifying assets, such as certain improvements or equipment, in the year they are placed in service, rather than depreciating them over their useful life.

October 13, 2024

What is a Holdover Tenant?

A holdover tenant is a renter who stays in the property after their lease expires without the landlord's consent, potentially leading to eviction or a new month-to-month tenancy.

October 13, 2024
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