Statement that tenant has no interest in the property other than the right to possession, and that no ownership right has been conveyed. This protects a landlord who is also the owner if the tenant later argues that he holds an ownership interest in the property.

Policy of title insurance usually insuring an owner of real estate against loss occasioned by defects in, liens against, or unmarketability of, the owner’s title.

Additional rent (over a base amount) that is paid by tenant to owner on tenant’s sales over a specified dollar amount; frequently found in retail leases. Also known as percentage rent.

Agreement whereby a buyer gets the right, but not the obligation, to buy a piece of property. An option allows the buyer a period of time during which he controls, but does not own and has no obligation or liability for, the property to determine whether he will actually purchase the property.

The conclusion and judgement of a skilled person as to the status of a title, based upon a title examination.

Provision governing the seller’s operation of the properties before closing; commitment to not take any action that will adversely affect the property, tenants, or mortgagee of the property.

Negotiable amount at which the owner’s contribution to operating expenses stops.

Cash outlays necessary to operate and maintain a property. Examples include; taxes, property insurance, property management and maintenance expenses, utilities, and legal or accounting expenses. Operating expenses do not include capital expenditures, debt payments, or cost recovery.