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Escalation clause
Escalation clause A clause in a lease providing for an increased rent at a future time due to increased costs to lessor, as in cost of living index, tax increases, etc.
RELATED TERMS--------------------------------------
Lease
A contract whereby the landlord grants the tenant the right to occupy defined space for a set period at a specific price (i.e., rent).
Rent
Compensation from tenant to landlord for the use of real estate.
Lessor
An owner who contracts into a lease with a tenant (lessee).
Index
A measurement used by lenders to determine changes to the Interest rate charged on an adjustable rate mortgage.
SIMILAR TERMS--------------------------------------
Escape clause
1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
PREVIOUS AND NEXT TERMS--------------------------------------
Equity trust
An investment trust dealing with ownership rather than financing.
Equivalent level rate (ELR)
Flat rate per square foot that will equal the same total present value as a proposed lease's variable cash flows.
ERISA (Employee Retirement Income Security Act)
Legislation passed in 1974 and administered by the Department of Labor that controls the investment activities primarily of corporate and union pension plans. More public pension funds are adopting ERISA-like standards.
Erosion
The gradual loss of soil due to the operation of currents, tides or winds.
Errors and omissions insurance
Malpractice insurance that protects architects, home inspectors and contractors from claims by clients for professional mistakes.
Escalation clause
Escape clause
1) A contract provision relieving a party of liability for failure to perform, as where a stated contingency does not occur. 2) A clause in a proprietary lease of a tenant-stockholder that permits the tenant to surrender the stock and lease back to the cooperative association and thereby terminate continuing liability for payments due under the lease.
Escheat
The reverting of property to the state in the absence of heirs.
Escrow
The closing of a real estate transaction through a neutral third party who holds funds and-or documents for delivery after specific conditions have been met.
Escrow account
1) An account maintained by a real estate broker, attorney, escrow agent in an insured bank for the deposit of other people's money. 2) An account maintained by the borrower with the lender in certain mortgage loans to accumulate the funds to pay an annual insurance premium, real estate tax, or a home owner's association assessment.
Escrow agent-officer
An individual qualified to perform all the steps necessary to prepare and carry out escrow instructions.
This dictionary contains 6433 terms. |
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