Attornment

AAA

DEFINITION of 'Attornment'

The act of granting authority or jurisdiction to a party even though no legal rights exist. Attornment most commonly relates to laws regulating real property and is designed to acknowledge the relationship between the parties in a transaction.

INVESTOPEDIA EXPLAINS 'Attornment'

For example, attornment may occur when a tenant leases an apartment only to have the owner change during the course of the lease. The attornment agreement does not create a new set of rights for the owner unless it is signed by the tenant. If the tenant refuses to sign, the landlord may be able to use this as grounds for eviction.

RELATED TERMS
  1. Eviction

    A landlord's legal removal of a tenant from his rental property. ...
  2. Capital Lease

    A lease considered to have the economic characteristics of asset ...
  3. Landlord

    A real estate owner who rents or leases land or a building to ...
  4. Lease

    A legal document outlining the terms under which one party agrees ...
  5. Lessee

    The person who rents land or property from a lessor. The lessee ...
  6. Lessor

    The owner of an asset that is leased under an agreement to the ...
RELATED FAQS
  1. No results found.
Related Articles
  1. Home & Auto

    Tips For The Prospective Landlord

    Investing in rental property can generate serious income, but there's more to it than collecting rent.
  2. Taxes

    Tax Deductions For Rental Property Owners

    Besides creating ongoing income and capital appreciation, real estate provides deductions that can reduce the income tax on your profits.
  3. Taxes

    Avoid Capital Gains Tax On Your Home Sale

    If you have property to sell and want to avoid capital gains tax, a Section 1031 exchange may be the answer.
  4. Savings

    Finding A No-Fee Rental In New York City

    Pounding the pavement isn't the only way to avoid a broker fee. Here are some other tactics, plus the best online sites for no-fee apartments in NYC.
  5. Savings

    New York City Apartment Hunting: A Broker Or Not?

    New York City is one of the most difficult-to-navigate real estate markets in the world. A broker can guide you and, surprisingly, even save you money.
  6. Insurance

    How to Use a Waiver of Subrogation

    A waiver of subrogation means that a party to a contract waives the right to allow someone (usually an insurance company) to sue the other party to the contract in case of a loss.
  7. Economics

    What The Department of Housing and Urban Development Does

    The HUD runs programs intended to support homeownership, increase safe and affordable rental housing, reduce homelessness and fight housing discrimination.
  8. Mutual Funds & ETFs

    Investing In New York City REITs

    So you want a bite of The Big Apple? These REITs focus on New York City real estate. Here's what you need to know.
  9. Home & Auto

    HUD-1 Form: What Must Be On It

    You can't close on property involving federally related mortgages without a HUD-1 form. Use these instructions for a correct form so you close on time.
  10. Home & Auto

    Rent-To-Own Homes: How The Process Works

    Here's what to watch for when negotiating a contract for a rent-to-own home – and who is a good candidate for this option.

You May Also Like

Hot Definitions
  1. Technical Skills

    1. The knowledge and abilities needed to accomplish mathematical, engineering, scientific or computer-related duties, as ...
  2. Prepaid Expense

    A type of asset that arises on a balance sheet as a result of business making payments for goods and services to be received ...
  3. Gordon Growth Model

    A model for determining the intrinsic value of a stock, based on a future series of dividends that grow at a constant rate. ...
  4. Cost Accounting

    A type of accounting process that aims to capture a company's costs of production by assessing the input costs of each step ...
  5. Law Of Supply

    A microeconomic law stating that, all other factors being equal, as the price of a good or service increases, the quantity ...
  6. Investment Grade

    A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such ...
Trading Center