Also known as: net rents · net rental
Written by attorneys · grounded in primary & secondary sources — see below
Rental income derived from property after subtraction of expenses including taxes, maintenance, and repairs.
Noreen Nguyen, holding a junior mortgage on an office building, obtains appointment of a receiver. The receiver collects fifty thousand dollars after paying taxes and reasonable maintenance costs. When the senior mortgagee later appoints its own receiver, the first receiver retains the collected amount for Noreen Nguyen's benefit.
Nyah Ndlovu leases adjacent land to an urban redevelopment authority for use as a parking lot. The lease requires an annual payment of nineteen thousand eight hundred dollars after the tenant covers all operating expenses. The authority records the lease and later subleases the property to a supermarket operator.
Select any source to read its text and confirm it supports the definition.
Net rent is the amount remaining after the receiver pays taxes and reasonable maintenance expenditures. A junior mortgagee's receiver may retain net rents collected before a senior receiver takes possession. The junior receiver must apply collected amounts first to those expenses.
Modern servitude law enforces such a covenant when it is properly created, recorded, and the successor takes with notice. The obligation need not touch and concern the land under contemporary doctrine. Public policy limits such as illegality or unreasonable restraint on alienation still apply.
Net rents from property acquired during marriage with marital earnings are marital property. Each spouse holds a present undivided one-half interest in both the equity and the income stream. Title in one spouse's name alone does not change the classification.
The court must consider the financial resources of the child, which include net rental income from inherited property. This factor is weighed along with parental resources and the child's needs. The income does not automatically eliminate the parental support obligation.
…on October 23, 1986, purchased the George Street property from Katz for $450,000, and agreed to lease from Katz at an annual net rent of $19,800.00, the adjacent land at 263-265 George Street for use as a parking lot. The Authority invited proposals for the lease of the property to use as a supermarket. C-Town was the…