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Lease Definitions & Terms

F

Fee simple

The largest possible estate or absolute right of ownership of real property. I ca be held without time limitation and is freely transferable and inheritable.


Fiduciary

A person to whom power or property is entrusted for the benefit of another.


Fixture

Personal property or improvements so attached to the land as to become part of the real property. The right of the tenant to remove fixtures may be given by stipulation in the lease or by separate written agreement between the parties.


Footprint

The shape and configuration of a building.


Foreclosure

A court action initiated by the mortgagee or a lien or for the purpose of having the court order the debtor's real estate sold to pay the mortgage or other lien (mechanic's lien or judgment)