Real Estate Terms Dictionary
Memorandum of Lease
Definition of 'Memorandum of Lease'
A memorandum of lease is a document outlining the terms and conditions of a lease agreement.
What is a Memorandum of Lease:
A memorandum of lease form includes information about the parties involved (names and addresses), the property, the start and end dates of the lease term, any easements granted to the tenant, and the options once the lease term expires. The document is important for a third party interested in a property as it shows if there are any leases tied to the property. Filing the Memorandum of Lease in the public records gives the document more legal power.
Here's a real-life example from one of the properties researched on PropertyShark:
The Memorandum of Lease is signed between the new landlord, Richmond Hill Company LLC and the tenant, Aveda Institute Inc. Signing the Memorandum was necessary as the building changed hands while the tenant continued to stay the same. The document mentions the parties, the lease term, and any modification that might have appeared, such as new rights given to the tenant, since the last lease agreement (or extension).
The glossary is intended to provide real estate professionals and home buyers with a basic understanding of various specialized terms related to legal rights over a property. All terms appear in public records such as ACRIS. We do not take responsibility for the legal accuracy of the definitions provided and ask that use of these explanations in a legal setting be made only after checking with a lawyer or another specialist in the field.