Glossary Of Real Estate Terms

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Lease:
A contract which outlines the responsibilities and parameters between a landlord and a tenant.
 
Lease Assignment:
The lessor (owner) will allow the lessee (tenant) to assign the remaining term on the lease to a new tenant.
 
Lessee:
Another name for the tenant.
 
Lessor:
Another name for the landlord.
 
Lot:
Each New York City parcel of land is divided into lots for purpose of identification.