GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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62% - Often

Rental Property


Synonyms:income property, non-owner occupied property, rental house
Acronyms &
abbreviations:
RP
Filed Under: financial-banking, investments, mortgages, real-estate
Tags: realty, rental property
 

Definition of rental property (RP)

rental property (RP)
1. 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."

Related Terms and Acronyms:

  • income property   Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
  • investment property   Property bought with the hope of it making money.
  • lessor   The person who grants a lease.
  • non-owner occupant   A borrower who purchases a property for investment or rental purposes and will not occupy the property.
  • rent   When one party pays another for the use of an asset, service or property.
  • rental agreement (RA)   A document that states the terms and conditions for tenancy of a dwelling.
  • second home   An additionally purchased property, often a vacation or a rental property.
  • second home mortgage   A mortgage used purchase property, often a vacation or a rental property.
  • sublet   An arrangement where a tenant leases property to a subtenant.
  • tenant   One who rents property.

More Related Terms and Acronyms

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