- 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."
non-owner occupied property, income property, rental house
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.