GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Tenant


Synonyms:lessee, renter
Filed Under: financial-banking, legal-contracts, real-estate
Tags: banking, contract, legal, realty
 

Definition of tenant

tenant
1. The individual or entity that occupies a leased property. Also known as a "lessee" or "renter."

Related Terms and Acronyms:

  • condominium (condo)   A structure of two or more housing units. The interior space of the units are individually owned. The balance of the property (land, building and other amenities) is owned in common by the owners of the individual units.
  • eviction   The act of kicking someone out of a property, usually for violating terms of a lease.
  • landlord   One who rents or leases his or her property to another person or a business.
  • lease (lse)   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.
  • lessee   The person who signs a lease.
  • 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.
  • rental property (RP)   Property that is occupied by rent-paying tenants and not the owner.
  • renter's insurance   Insurance that covers renters for liabilities or damages occurring to or within insured property.
  • sublet   An arrangement where a tenant leases property to a subtenant.

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