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An Examination Of Problems Associated With The Management Of Private Residental Estate.
[A CASE STUDY OF ALHAJI OSENI OLANREWAJU ESTATE]
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1.7 DEFINITION OF TERMS
Premium: This is a lamp sum of money paid by the tenant (lesser) is the landlord (lessor) in consideration for a reduced rent.
Outgoing: This is the term used in describe the annual incurred by the landlord or tenant in order to keep the property in state so as to command its open market value. It can also be defined as the total amount of money spent annually by lessor in order to make it property habitable.
Estate: Can be defined as the landlord property, residential or industrial district planned as a unit.
Private: Can be defined as the property that belongs to an individual.
Real property: This can be defined as the right ogf use of physical land or building and the total of all tangible benefit o ownership.
Lease: This may be described as a contract giving the exclusive right of possession and use of landed property (IES) for a fixed or determinable period of time to an individual, organization or group of people.
Maintenance: This is defined as work embarked upon in order to restore a building and all facilities therein, in a currently acceptable standard.
Service charge: is a compulsory deposit made by all categories of occupiers of a property in multiple occupations, in addition to rent for the discharged of those obligations which would be taken by each of such occupiers.
Rent: it can be described as the periodic payment made by the tenant to the landlord for the use of property.
Management: Can be defined as the act or skill of directing human activities and physical resources towards the aim of achieving pre-determine or desire goals.
Landed Property: This can be defined as the immoveable properties but can be seen, touched and acquired e.g. building of different types if pattern example are bungalow, mansion, duplex, semi detach, bungalow etc.
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