The surrender or relinquishment of a real estate property, including a piece of land or a housing unit.

An abatement is a lease clause stating that if your apartment is damaged or under repair (not by you or someone in your care's fault or from a disaster, also known as force majeure), your landlord will allow you to suspend your lease and not charge you rent while the apartment is uninhabitable and you're living elsewhere.

The administration fee is the money a tenant pays to a landlord to cover the cost of processing their application to move into a property. Further administration fees may also be charged when the contract is renewed at the end of the tenancy.

Low-cost residential properties, including for-sale and rental housing.

Individuals who have a legal basis to act on behalf of another person.

Material and immaterial features of a given property that increase its value or make it more desirable..

The equalization of the regular payment over the life of the loan by lowering the interest payments and raising the principal payments. The repayment of loan principal over time.

A residential unit inside a structure built for housing. Sometimes defined as a rented living space, effectively excluding condominiums and analogous residential units.

The applicant is the person or group of individuals who want to rent a property.

This stipulates that a buyer is locked into the offer price even if the lender determines that the house isn't worth that much.

Appreciation refers to the increase in the value of a property over time. Appreciation can be caused by a number of things including inflation, the increase in demand or a decrease in supply of properties. Appreciation can also take into account added value as a result of property improvements (such as upgrading a kitchen, adding a room or a pool, etc.). Appreciation is usually projected as a percentage of the property’s value over the course of a year.

Annual percentage rate (APR) is the official rate used to help you understand the cost of borrowing. It takes into account the interest rate and additional charges of a credit offer. All lenders have to tell you what their APR is before you sign a credit agreement.

Any late or unpaid rent.

The tenant agrees to rent the apartment in exactly the condition that it's currently in. This includes accepting any defects, flaws and repairs needed and agreeing that you'll rent the space as-is.

All rental properties from our in-house portfolio are fully in presentable state and habitable when we hand over the keys to you. Unfortunately, we cannot say the same when renting from external landlords, so you need to do the checking yourself.

Officers of the court used by creditors in certain circumstances to collect debts, goods or repossessing homes.

Refers to agents acting on behalf of freeholders and leaseholds for blocks of apartments and flats. Normally this involves organising internal cleaning, garden maintenance, insurance and redecoration.

A break clause in most cases allows either the landlord or tenant to give a two-month written notice at any stage after a certain date or period of the tenancy, resulting in the termination of the tenancy earlier than the end of the original fixed term. If the initial tenancy is renewed a break clause may be requested if either party do not know if the can continue the contract or not. This is also known as a Release Clause.

A professional in the real estate sector who buys and sells property on behalf of others while receiving a commission in the process.

Buildings insurance covers the cost of repairing or rebuilding a property in the event that it is damaged or destroyed. Landlords are advised to ensure they are protected by buildings insurance before letting a property to a tenant.

An investment where you buy a property – usually with a mortgage – and rent it out.

This is the type of mortgage landlords will use to buy a house if they have the intention of letting it out to tenants.

The capitalization rate (CAP rate) expresses the anticipated rate of return from a real estate investment property with an aim to assess the investment’s potential and profitability.

A cash flow property is an investment property that generates a surplus of money each month after all expenses have been paid. Cash flow properties are highly sought after by investors.

Cash on cash return refers to the annual cash return of a property divided by the amount of cash invested. When a property is purchased outright (no leverage), this is also referred to as the property’s cap rate.

The process of checking a property after a tenant has vacated. Normally only done when an inventory was carried out at the start of the tenancy. The condition of the property and the contents is checked against the inventory and the report is used as evidence for the settlement of the security deposit.

Commercial real estate is defined in opposition to residential real estate. The definition of commercial properties encompasses industrial properties, medical facilities, office buildings, retail centers, and multifamily complexes. It can also refer to land that will be developed into a commercial project in the future.

Areas of the apartment complex — such as the gym, laundry rooms, clubhouse and outdoor spaces — that are for common use. Every renter in the complex is allowed to use the common area.

Common areas are the parts of the property that are shared by all of the tenants living in it. These will typically include bathrooms, dining areas, living rooms and gardens, as well as any residential parking that is included with the property.

Where a residential property which is self-contained, shared and let as a whole house by two or more tenants; jointly and severally liable under the tenancy agreement.

This is the type of contract used when a company is renting a property rather than an individual.

A part of a valuation technique that determines the value of a current asset by using a recently sold asset similar enough for indicating the expected sale price.

This is a written record of the condition of a rented house, which should be completed when you move in and again when you move out. Your landlord / agent should give you a report to fill in when you sign the lease. It’s very important that you fill it out in detail and return it within 7 days.

A building with multiple units that can be owned by the people living inside. The common areas and amenities are equally owned by all the dwellers within the condominium.

Contents insurance covers items such as electrical goods, carpets, furniture and curtains that are included in the rental of a property.

The contract is the legally-binding document that lays out the agreed terms for the rental of a property from a landlord to a tenant.

A converted flat is a property that has been developed from a larger building.

A qualified individual, either a solicitor or licensed Conveyancer who deals with the legal aspects of moving the legal ownership of a property from one person to another (Conveyancing).

Legal work involved in buying and selling a house.

An agreement to refrain from or engage in a specified action that is laid out in the terms of the tenancy agreement, refers to obligations or promises made by either the Landlord or Tenant.

The credit check is one of the most important parts of the reference process, ensuring applicants have the income to cover the rent. Credit checks will also show up the applicant's credit history, including any information on their record about late payments and bankruptcy.

A public record of how you've managed your credit and debt in your past, including loans and other leases. A potential landlord can request this from the credit bureaus to ensure you'll be able to pay your lease and have a history of paying your debts before deciding to rent to you.

A concept expressing the attractiveness of the house’s visual look as viewed from the street level.

A deed is a legal document signed, sealed and delivered to convey the transfer of a property and to show the legal right to possess it. Different from a Deed Poll which is executed by only one party and usually used to change one's name.

Loss of value resulting from the loss of functionality, economic obsolescence, or physical wear.

A detached home is a permanent dwelling, usually set on a separate lot and includes ownership rights to the land on which it is situated.

Dilapidations refers to disrepair or damage that is caused to a rented property. The costs involved will usually be deducted from the deposit.

A house built to include two separate individuals or families within the same structure. For example, when one family lives on the upper floor and the other one downstairs, then it’s a duplex.

A duplex house plan can be arranged in many ways: stacked, side-by-side, or in any other configuration as long as they are connected. Usually, a rental-home duplex has two separate entrances, one for each family/group renting the space.

All Ghanaian citizens can have the opportunity to live in different housing communities regardless of their age, disability, gender, familial status, nationality, race, or sexual orientation.

A difference between the home’s market value and the monetary amount owed to the lender who holds the mortgage. Equity is the amount the owner of the property would receive after paying back the mortgage.

An account opened by the broker for holding the real estate transaction funds until a successful completion or cancellation. Using this account ensures that the buyer has enough money for finalizing the transaction after the approval.

A real estate agent is a licensed professional who represents buyers or sellers in real estate transactions. A real estate agent usually works on commission, being paid a percentage of the property’s sale price.

A system of applied moral ideas that guide professional behaviour and decisions on a daily basis.

A legal process for the removal of a person from their current home. The reasons include lease agreement violations and unpaid rent or mortgage.

A legal notice from the landlord that describes the tenant’s default connected to the lease terms. Eviction notices aim to inform tenants of a pending eviction suit against them.

The point at which buyer and seller are legally bound to the sale and purchase of the property.

The procedure to finalise a legally valid tenancy by dating the original - signed by the landlord and the counterpart - which is signed by the tenant and exchanging them. The date is validly considered to be the date on which the agreement was made.

An agreed-upon price that well-informed buyers and sellers reach after negotiations driven by the current market conditions.

To misrepresent a service or product's condition or capabilities or to state falsely the obligations of a contract or agreement.

A buyer who has not previously purchased a property.

An expense item that’s independent of the rental income, yet still part of the property’s operating budget (e.g. Regardless of whether you have a tenant or not you will still have to pay the property taxes every year). Note: This is different from rental tax.

A tenancy with a specified start and end date.

A monthly or yearly property management fee.

Freehold refers to when the landlord also owns the land on which their property is built.

A property that is let with all furnishings a tenant would need to live comfortably.

The contents of the property included as part of the rent.

The time between the rental renewal date and the date when late charges or reinstatement fees are charged.

The annual rental income expressed as a percentage of the value of the property.

Someone chosen to guarantee the payments of rent for the tenant should they fall into arrears. More common amongst younger renters, having a someone as a guarantor means that the landlord can legally ask them to pay any rent due if the tenants fail to. There are also guarantor insurance policies now which can be used as an alternative.

All student applicants on this platform will need a guarantor.

A temporary visitor to your apartment who does not reside there. Whien someone visits you, they're required to abide by the terms of your lease, as well, such as quiet hours, behaviour or parking restrictions.

A residence in which people reside.

A combined technology of heating, ventilation, and air conditioning with an aim to create comfortable conditions indoors.

Income levels set by the government serve statistical and decision-making purposes. For example, these are used for determining the tax credit limits.

A percentage of the principal that’s charged by the lender from a borrower for the use of particular assets. In real estate, interest usually refers to mortgage interest rates that depend on the Bank of Ghana Reference Rate (GRR), credit report and score, and lender’s business decisions.

The IRR of an investment is the point at which the net value of investment expenses equals the net value of asset income. These are both calculated at the current value of the investment and not the purchased or future value of the property.

The internal rate indicates at what point an investment could be considered profitable. If an IRR is above a pre-defined number it is an acceptable investment. It also establishes the growth potential of an investment.

An inventory is a binding legal document that provides an accurate written record of the condition and contents of a property at the beginning of a tenancy.

A property that is purchased by the owner to generate profit through renting the property out to tenants.

Joint and several liability refers to when there are to be more than one adults living in a property and they are each to be responsible for the safety and the upkeep of the house or apartment. Under the terms of this type of agreement, tenants are all jointly responsible for the payment of the total rent.

An owner of a property who receives payments from tenants taking residency in the owned rental unit.

An insurance policy that covers the landlord from financial losses associated with their rental property, such as theft and fire. Usually, the policy lists a host of optional coverage items; for example, rent guarantee insurance and legal protection.

A contract outlining the terms and conditions between a landlord and tenant under which the tenant gets an exclusive right to use the home for a fixed term. In turn, the landlord receives payments for the duration of the contract.

The date that the lease officially starts and the renter has access to move into the facility. This does not mean the renter has to move in on this date.

An agreement that provides the tenant with an option to buy the property during or at the end of their tenancy. This agreement prevents the owner from selling the property to any third parties until the lease expires.

The continuing of the lease after its initial expiration.

The time restriction regulating a tenant’s right for the home’s exclusive possession.

The ownership of a lease.

A person, namely a licensed agent, who leases real estate properties and signs them on behalf of the lessor.

A person or company that lends money for an agreed time period. They expect to have the money repaid with interest added. A mortgage company is an example of a lender.

A charge made by the lender to the buyer for arranging the loan.

A tenant who rents the property from the landlord.

A landlord who grants the lease to the tenant.

A leveraged return is the return calculated on an investment that takes advantage of a mortgage. It is calculated by subtracting the expenses incurred by the property (including the interest payment on the mortgage) from the income produced by the property and dividing that by the initial investment amount.

Calculation: Income – expenses (including interest payment) / initial investment amount

This differs from the cash on cash return because it includes the principal pay down as part of the return.

While slightly riskier, using leverage is advantageous to investors as it provides higher returns, enables them to diversify across multiple properties. For example, an investor can purchase one property for GHS100,000. The same investor can get four properties of GHS100,000 each, by putting down GHS25,000 on each property

The right of a landlord to keep possession of a renters property until a debt has been paid.

A long-term lease is often defined as anything that is agreed-upon for more than one year. Note: Lease period does not equate to rent advance required.

An umbrella term for regular activities that keep the property in good condition.

A landlord may request that a maintenance charge is paid in order to cover any costs involved in maintaining the property. Details of any maintenance charges - sometimes known as service charges - should be set out in the lease.

Usually a tenant identifies an issue then requests / proposes a landlord or property manager to service, repair, check or replace necessary items in a rental home. There are four different types of maintenance:

1. Corrective: This type of maintenance focuses on repairing or restoring any broken or failed equipment.

2. Preventive maintenance: This is a routine type of maintenance that consists in scheduled inspections that keep equipment and the property in good working order.

3. Risk-based: This is another type of maintenance that prioritizes all the maintenance resources toward assets that have a greater risk and consequence of failure. Risk-based maintenance are maintained and monitored more frequently than the others.

4. Condition-based: This type of maintenance is a strategy that is developed to monitor the actual condition of an asset in order to decide what maintenance should be performed. Condition-based maintenance follows the strategy of only taking action when certain indicators show signs of decreasing performance or upcoming failure

A letting agent who manages the day to day running of the property on behalf of the landlord. The landlord remains legally responsible for the property and repairs but the agent works on the landlord’s behalf.

The price for a real estate transaction that depends on the seller’s expected price and the buyer’s inclination to pay.

A debt instrument outlined by a legal agreement that obliges the borrower to pay the loan back as instructed, whereas the lender has a conditional right of ownership on the mortgagor’s property as loan security.

A before-tax figure showing all property revenue after subtracting essential operating expenses while not including amortization, capital expenditures, and depreciation.

A declaration given by either a landlord or tenant that the tenancy agreement is coming to an end.

When a property is bought before the building work has begun, or has been completed.

An offer, usually below the asking price, made on a property.

A financial plan predicting the property’s income that is balanced by various expenses over a period of one year.

A verbal legal agreement between a landlord and tenant, where there is no written contract. Also known as a verbal tenancy agreement.

RentNowPayLater.net does not offer oral/verbal tenancy agreement - All contracts are written.

A property let with some furnishings, usually white goods.

Refers to the rent paid per calendar month.

An agreed-upon percentage from the property’s gross collectible income for a property management fee.

This is a rolling tenancy. This include tenancies that were originally for a fixed term that has ended and no new fixed agreement has been drawn up.

When a landlord lets more than one property, this is called a ‘portfolio’.

A primary stage of the bidding process that establishes the maximum amount of loan for the applicant.

A person who appoints another individual as an agent representing him or her.

A financial report generated on an annual basis that shows the real net profit before any taxes.

A real estate asset that includes land and any accompanying permanent structures, such as houses or other buildings.

A visual inspection of a building that has to be carried out by a qualified professional in a non-invasive manner.

This is a non-invasive, visual inspection of a rental unit, carried out by a fully-qualified professional trained and experienced in evaluating real estate. A rental property inspection is designed to provide a property owner and/or the resident with all the information needed to move-in or move-out of the property. In some cases, the landlord must give a notice to the tenants before entering, check local laws and regulations before entering the property.

A rental property inspections may include, but is not limited to, looking for any damage more than normal wear and tear, illegal alterations to the property or any other changes to the unit that were not previously agreed upon by the landlord. Some changes a landlord may discover during a property inspection might be painting of the walls, removal or addition of light fixtures, closet doors or cabinets missing, and so on.

Refers to the preservation of the top-notch condition of a real estate asset. There are Property Management Services that help maintain the condition of your property professionally though property maintenance. This type of service should be considered an integral part of the overall protection and upkeep of a real estate asset.

An agreement clarifying the service, responsibilities, and payments that will be signed by the landlord and a property management company.

A person managing a real estate property that belongs to someone else. Property managers get compensated for dealing with accounting, maintenance, and rent collection among other duties.

A scheduled appointment that allows prospective tenants to make a walk-through tour in the property.

A tax based on the property’s value that is paid by the property owner to the local government.

The process of breaking down and dividing expenses proportionally based on each party’s share of owning or renting a property.

The right to live in your rented premises without interference from others, particularly your landlord / agent. This is one of the conditions of your tenancy agreement. When the landlord keeps popping in on Sunday mornings without warning or prior notice, your right to ‘quiet enjoyment’ may have been breached.

A portion of land that may or may not have attached permanent structures, such as buildings.

A qualified agent who leases and sells real estate properties.

A process reflecting the cycles of real estate market, including the recovery, expansion, hyper supply, and recession. The real estate market cycle could mirror the broader economic cycles but not necessarily.

A Real Estate Owned or REO property is one owned by a lender, usually a bank. Lenders generally only take title of properties after an unsuccessful selling attempt at a foreclosure auction. Lenders often attempt to remove any liens or extraneous expenses before trying to sell the property. REO properties can often be purchased below market value making them a great interest to investors.

When a mortgage is paid off in full.

A process by which an applicant (ie. the tenant) is credit checked, as well as checks on their current employer and residence.

Rehabilitation, also known as a rehab, refers to the repairs that need to be done to make an asset tenant-ready. Prior to purchase, properties are given a primary inspection by our in-house personnel to ensure that extensive repairs are not necessary.

Rehabs can include minor fixes such as paint and lighting upgrades but can also extend to more large-scale repairs such as roof replacement and plumbing upgrades.

Should such large-scale upgrades be necessary, the investor will be notified prior to purchase and can choose to forego the purchase. Rehabilitation costs are generally included in the purchase price.

Turn-key Properties are rent-ready, and do not need any rehabilitation.

Remote investing empowers investors to own property that is geographically removed from their own primary residence. Traditionally real estate investors tend to purchase property that is “in their backyard” so they can keep an eye on their investment. This generally means that the investor is also a landlord and must keep up with the daily maintenance of the property.

Remote investors purchase property in areas that have favorable returns. Remote investing allows investors to take advantage of lower property costs or higher rents that may not be available near their primary residence.

A fee (usually monthly) paid in exchange for accommodation.

An activity that is undertaken by the landlord or a property management company to collect the money from each of the tenants under the terms stated in the lease agreement.

An insurance that covers the landlord in case a renter runs into financial difficulties and defaults on his or her rental payments.

A register of rents usually showing the tenants’ names, the amount due, and total rental income received.

A written document listing the rental rates that could be created by the owner, property manager, or both of them.

A lease agreement that provides the purchasing possibility to the tenant.

A discount given by the landlord to the tenant when certain previously agreed criteria are met. For example, the discount could apply on automatic lease renewal.

A property occupied by tenants who pay the owner in return for utilizing the living space and any permanent or temporary attached fixtures. Also, according to the GRA, a permanent rental property is a house, duplex, or apartment complex occupied by tenants and not serving as living quarters for the owner or any dependents he adds to his tax return forms.

A set of activities with an aim to fill rental property vacancies and minimize the vacancy rate by communicating with potential tenants across a variety of platforms.

An amount of money the tenants have to pay to landlords over a fixed time period for renting a property.

The gross rental yield is the annual rental income expressed as a percentage of the value of the property. Whereas the net rental yield takes into account the costs associated with owning the rental property such as property management, mortgage costs, insurance, etc when making the calculation.

An insurance policy that mainly covers a tenant’s personal belongings and liabilities, whereas some insurance providers offer more extensive coverage.

An action to fix broken or obsolete pieces of the property, including any fixtures inside the living space.

A metric that shows how much profit an investor makes on the investment property as a percentage of the investment cost.

A person conducting real estate activities together with a licensed real estate broker.

A payment collected from the tenant by the landlord to secure funds for covering any property damage.

A sum of money taken from the tenant at the beginning of the tenancy held against non-payment of the rent and any damage to the property (above and beyond reasonable wear and tear).

During a self-showing, prospective tenants view a rental property by themselves, without anyone accompanying them. An agent, manager or landlord typically uses a lock box or smart lock to leave the keys at the property for the prospective tenant(s) to view the unit when it's convenient for them. Prospective tenants attending a self-showing receive a code for that lockbox and access the unit in this way.

New technology plays an important role in helping property owners ensure there will be no damage to the property or that the individuals will take off with the keys. The devices used for self-showings are built off software that can be controlled remotely. This software allows users to set up unique access codes for each individual self-showing. The interested prospects will be required to submit personal information to confirm who they are including uploading a photo ID before they even attend a self-showing.

The owner or property manager can set restrictions, such as limiting showings to certain hours of the day. Self-showings enable a prospect to tour properties 12 hours a day, 365 days per year.

A residence built for one family.

Tax that must be paid to the government on the purchase price of property.

A tenant may request the landlord to provide written proof of the terms of the tenancy agreement if an oral or verbal tenancy agreement is used. The terms agreed are known as a Statement of Terms.

Renting a property by a tenant to a third-party tenant for a specified segment of the tenant’s lease agreement.

The person who carries out a structural survey of a property, examining the structure and general state of the house.

A contract (verbal or written but usually written) between landlord and tenant. The contract outlines the rights both parties have (e.g. your right to occupy the property and the landlord's right to receive rent from you).

A situation where the tenant has no lease, yet occupies the property under the owner’s permission. For example, a tenant continues to reside in the property after the lease expiration and the owner proceeds to accept regular rent payments. Also known as a tenancy at will.

A person occupying or temporarily possessing a land, building, or a specified unit under an agreement with the landlord for a fixed period.

An application that has to be filled out by a potential renter in case of interest for a particular rental property.

Any damage occurring during the lease term that isn’t considered as normal wear and tear.

A process carried out by the landlord or a property management company to verify the background of a potential tenant. The process may include a credit check, interviews, and background check.

This is when either party decides to end the tenancy agreement, for example, if you give notice to move out or the landlord gives you notice to leave. The agreement does not actually end until the tenant moves out or the Rent Control Tribunal makes an order of termination.

This refers to the length of a tenancy.

A house of usually two or three stories that connects to matching houses by a shared wall.

This is when a person whose name is on the residential tenancy agreement signs over their legal rights as a tenant in the house to another person.

A residential real estate property that requires no urgent investments by the buyer and can immediately be rented out after purchase.

The status of a property, when a Landlord has accepted an offer from a tenant(s) prior to the move-in.

A property let with no furnishings.

Specifies whether there are any restrictions on the use of the rental property.

The services provided for people residing in a property, including electricity, garbage, gas, sewer and water, and are services that the tenants are responsible for paying.

The ratio of vacant rental units to the total number of owned rental units in the building, city, or in another operating category.

A property that lacks any people and personal property inside.

A rental property that is fully furnished and rented out to guests for short-term periods (e.g. two-week vacation).

An inspection carried out by the landlord during the move-in and move-out procedures to document any damage, missing items, and other issues in the rental property.

A court order requested by the landlord when a tenant remains in the property after the grace period has passed. The writ allows a forced eviction by a law enforcement officer.

Yield refers to the return on investment that a landlord receives for renting out their property to a tenant. When referring to a rented house, the yield is the income from a property that is calculated as a percentage of its value. For instance, if a house is valued at GHS250,000 and is rented out to tenants for a total annual cost of GHS12,500, the landlord's yield on the investment would be five per cent for each year they rent out the property.