Rental Property

Definition

• A property purchased to be rented out to one or more occupants who are not owners. Also known as an "income property" or "non-owner occupied property."

Synonyms
income property, rental house, non-owner occupied property

Acronyms
RP

Related Terms and Acronyms

• Condominium Conversion — Definition,
  • When an existing building such as a rental project changes to the condominium form of ownership.
• Income Property — Definition,
  • Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
• Investment Property — Definition,
  • Property bought with the hope of it making money.
• Kingston Rental Property Owners Association (KRPOA) — Company, Kingston, Ontario, Canada,
• Landlord — Definition,
  • One who rents or leases his or her property to another person or a business.
• Lease (lse) — Abbreviation,
  • A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
• Lessor — Definition,
  • The person who grants a lease.
• Non-owner Occupant — Definition,
  • A borrower who purchases a property for investment or rental purposes and will not occupy the property.
• Rent — Definition,
  • When one party pays another for the use of an asset, service or property.
• Rental Agreement (RA) — Acronym, Important,
  • A document that states the terms and conditions for tenancy of a dwelling.
• Second Home — Definition,
  • An additionally purchased property, often a vacation or a rental property.
• Second Home Mortgage — Definition, Important,
  • A mortgage used purchase property, often a vacation or a rental property.
• Sublet — Definition,
  • An arrangement where a tenant leases property to a subtenant.
• Tenant — Definition,
  • One who rents property.