rent

Consideration paid for use or occupation of property. In a broader sense, it is the compensation or fee paid, usually periodically, for the use of any rental property, land, buildings, equipment, etc.

At common law, term referred to compensation or return of value given at stated times for the possession of lands and tenements corporeal. A sum of money or other consideration, issuing yearly out of lands and tenements corporeal; something which a tenant renders out of the profits of the land which he enjoys; a compensation or return, being in the nature of an acknowledgment or recompense given for the possession of some corporeal inheritance. 2 Bl.Comm. 41. In re Perlmutter's Will, 156 Misc. 571, 282 N.Y.S. 282.

The payment of royalty under a mineral lease. Robinson v. Horton, 197 La. 919, 2 So.2d 647, 649.

In Louisiana, the contract of rent of lands is a contract by which one of the parties conveys and cedes to the other a tract of land, or any other immovable property, and stipulates that the latter shall hold it as owner, but reserving to the former an annual rent of a certain sum of money, or of a certain quantity of fruits, which the other party binds himself to pay him. It is of the essence of this conveyance that it be made in perpetuity. If it be made for a limited time, it is a lease. Civ.Code La. arts. 2779, 2780.

@ base rent

A specific amount used as a minimum rent in a lease which uses a percentage or overage for additional rent.

@ fee farm rent

A rent charge issuing out of an estate in fee; a perpetual rent reserved on a conveyance of land in fee simple.

@ ground rent

Rent paid to owner of land for use of property; normally to construct building on such. Generally, rent is paid for a long-term lease (e.g. 99 year lease) with lessor retaining title to land. Such longterm lease is commonly renewable. Office buildings, hotels, and similar large structures in cities are commonly built on land under such types of ground leases. A perpetual rent reserved to himself and his heirs, by the grantor of land in fee-simple, out of the land conveyed. It is in the nature of an emphyteutic rent. Also, in English law, rent paid on a building lease

@ net rent

Rent after all expenses.

+ net rent

Basic rent charge plus additional monthly charges for taxes, utilities and maintenance.

See also net lease

@ quit rent

Certain established rents of the freeholders and ancient copyholders of manors were so called, because by their payment the tenant was free and "quit" of all other services

+ quit rent

A rent paid by the tenant of the freehold, by which he goes quit and free,-that is, discharged from any other rent. 2 Bl.Comm. 42

@ rack rent

A rent of the full annual value of the tenement or near it

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