New York Accommodation Glossary
The purpose of a glossary is to provide brief definitions, while not necessarily legally accurate, are tailored to suit the meaning(s) given to the special terms you may come across in dealing with accommodation. Additional meanings for the terms may be found in a dictionary. Amenities
Facilities provided by an Apartment or Serviced Apartment. These can include swimming pool, landscaped gardens, club house, children`s play area or park, etc. These constitute the "extras" and are intended to improve the quality of life of the residents in the development. CBD or Central Business District
Commercial area and its immediate radius of 2 - 3 kms, typically located towards the city centre, which forms the hub of all major commercial activity in a city. Most of the larger corporate entities, large retail outlets and financial institutions would be located in this area. The Real Estate prices here would be the highest compared to all the other locations in the city. Condominium
A Real Estate project in which each unit owner has title to a unit in a building, an undivided interest in the common areas of the project, and sometimes the exclusive use of certain limited common areas. Each individual owner may sell or encumber his/her own unit. Contract
A document of agreement between two parties valid under the law of the state. Deposit
A sum of money given to bind the sale of Real Estate (earnest money), or a sum of money given to ensure payment or an advance of funds in the processing of a loan. Deposit could also be the deposit paid to a landlord as part of a rental transaction. Landlord/Owner
Any person who has a valid and legal right, title and interest in the property. Lease
Lease is where there are no two kinds of payments made to the landlord by the tenant unlike a rental transaction. A sum of money is paid to the landlord at the beginning of the lease tenure, which is repaid without interest when the tenure ends. No monthly payments are made. Owner
Any person who has a valid and legal right, title and interest in the property. Rent
Fixed periodic payment made by a tenant or occupant of property to the owner for the possession and use thereof, usually by prior agreement of the parties. Rental Agreement
An agreement, written or oral, which establishes or modifies the terms, conditions, rules, regulations, or any other provisions concerning the use and occupancy of a dwelling unit and premises; a lease on residential property. Rental Transaction
Rental arrangement essentially means, for a monthly fee, the property is let out by the landlord to a tenant. Most often than not, there is a Security Deposit that goes along with this arrangement. This may also be termed as Advance Rent. This is normally equivalent to 10 months, but may vary. The Security Deposit or Advance Rent is repayable to the tenant after the tenancy is terminated without interest. Residential Property
Any property, which is used for residential purposes. These areas are specifically earmarked as such by the concerned local authority. Serviced Apartments
A Serviced Apartments or Corporate Housing is an exclusive, fully furnished apartment or executive home. It is an excellent alternative to hotel accommodation especially when you are being relocated, between homes, or are working away from home for a period of time. See o
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