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What is the owner or landlord of a property called?
A lessor may be called a landlord. A lessor is a person or legal entity that owns a property and rents it out to a lessee, who in turn pays the lessor to use the asset (such as live in their property).
What is the politically correct term for landlord?
The term landlord is becoming obsolete. It has a negative connotation, so the new vernacular is a housing provider. Weve had our internal debate about this and decided to use both terms. While the vast majority of owners are wonderful people, being called a landlord comes with a certain stigma.
What is a contract with a seller or landlord usually called?
Purchase Agreement Out of all the types of real estate contracts, this is the most common. A purchase agreement (also called a sales contract) is a binding contract between two parties (property buyer and property seller) to transfer a particular property.
What happens to tenants when a property is sold in CT?
In Connecticut, tenants have the right to remain in the rental property even after the property is sold. The tenants can stay until their lease is over. If the rental is month-to-month, then the buyer or seller can end the tenancy by giving the tenant three days written notice.
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