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. Landlord

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

    A lease considered to have the economic characteristics of asset ...
  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. Can unearned rent be considered deferred revenue?

    Unearned rent can be considered deferred revenue from the perspective of a landlord or rental company, if that landlord or ... Read Full Answer >>
  2. What are the three "nets" of an NNN lease?

    A triple net (NNN) lease is a type of real estate lease in which the tenant is responsible for paying the building's property ... Read Full Answer >>
  3. What are the differences between single, double and triple-net leases?

    A net lease is a real estate lease in which the tenant pays, on top of his rent, one or more of the following expenses: property ... Read Full Answer >>
  4. Can you ask your landlord to remove a waiver of subrogation clause from your lease?

    You can ask your landlord to remove a waiver of subrogation clause, but you will both need to agree to its removal or the ... Read Full Answer >>
  5. Do landlords set up escrow accounts for their tenants' security deposits?

    Landlords must set up escrow accounts to hold tenants' security deposits if the accounts are required by the laws of the ... Read Full Answer >>
  6. Is a waiver of subrogation clause better for a tenant or a landlord?

    A waiver of subrogation clause is good for both a tenant and a landlord. A waiver of subrogation is a two-way agreement in ... Read Full Answer >>
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. Mutual Funds & ETFs

    Non-Traded REITs: Risks and Rewards

    An overview of the risks and rewards of non-traded REITs and how they compare to exchange-traded REITs.
  5. Personal Finance

    Would You Make A Good Real Estate Broker?

    How to tell if you'd be good in this field. It is a common second career for many people, but isn't a good match for everyone.
  6. Mutual Funds & ETFs

    Investing in REITs: What You Need to Know

    Thinking of investing in REITs? Here's what you need to know first.
  7. Mutual Funds & ETFs

    Want Emerging Market REIT Exposure? Eye These ETFs

    It's possible (and easy) to invest in emerging market real estate from the United States — just look at these REIT ETFs.
  8. 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.
  9. 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.
  10. 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.

You May Also Like

Hot Definitions
  1. Expected Return

    The amount one would anticipate receiving on an investment that has various known or expected rates of return. For example, ...
  2. Carrying Value

    An accounting measure of value, where the value of an asset or a company is based on the figures in the company's balance ...
  3. Capital Account

    A national account that shows the net change in asset ownership for a nation. The capital account is the net result of public ...
  4. Brand Equity

    The value premium that a company realizes from a product with a recognizable name as compared to its generic equivalent. ...
  5. Adverse Selection

    1. The tendency of those in dangerous jobs or high risk lifestyles to get life insurance. 2. A situation where sellers have ...
Trading Center