Large
John Smith

Position Description

   
LeaseMatrix Companies
100 N Tryon Street, Suite 1000
Charlotte, NC 28202
 (704) 750-1031
@ support@lease.io
Leasing Glossary

Tenant

A person or entity to whom a lease is given; a person or entity that leases property as the "Lessee".

Tenant Improvement Allowance (TI)

Defines the fixed amount of money contributed by the landlord toward tenant improvements. May be new improvements or remodeling, and be paid for by the landlord, tenant or part by each. The tenant pays any of the costs that exceed this amount.

Tenant Representative

An agent who is an advocate for the tenant. The relationship is most often the product of a signed representation agreement. 

Triple Net Lease

A lease that requires the tenant to pay all expenses of the property being leased in addition to rent. Typical expenses covered in such a lease include taxes, insurance, maintenance and utilities.

Turnkey

Generally refers to an owner making a property ready for a tenant to begin business by having the tenant furnish only furniture, phone and inventory, if any. Turnkey tenant improvements are provided at the landlord's expense according to plans and specifications previously agreed upon by the parties. This arrangement is unlike an allowance where the tenant pays for costs in excess of the allowance amount; instead, the landlord bears the risk of construction in a turnkey situation.

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