Non-owner Occupant
Definition
- A borrower who will not be residing in the subject property as their principal residence; the borrower on rental/investment property.
Synonyms
renter, tenant, borrower
Related Terms and Acronyms
- Eviction — Definition,
- The act of kicking someone out of a property, usually for violating terms of a lease.
- Homeowners Insurance — Definition,
- A policy that includes hazard coverage, covering loss or damage to property and/or assets located within, as well as coverage for personal liability and theft.
- Income Property — Definition,
- Real estate developed or improved to produce income. Also referred to as "non-owner occupied property" or "rental property."
- Landlord — Definition,
- One who rents or leases his or her property to another person or a business.
- Lease (lse) — Abbreviation,
- A written agreement in which the property owner allows a tenant to use property in exchange for rent, and for a specified period. Or, a written agreement in which a car dealer allows a consumer to use a vehicle in exchange for payments for a specified period.
- Lessor — Definition,
- The person who grants a lease.
- Owner Occupant — Definition,
- A borrower who resides in the property used as security for the loan.
- Rental Property (RP) — Acronym, Important,
- Property that is occupied by rent-paying tenants and not the owner.
- Sale-leaseback — Definition,
- A transaction in which the seller transfers the title to the buyer, then rents the property from the new owner. Generally not done in Canada, more an American practice.
