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.

BREAKING DOWN '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.

  1. Eviction

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

    A legal document outlining the terms under which one party agrees ...
  3. Capital Lease

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

    A real estate owner who rents or leases land or a building to ...
  5. Lessor

    The owner of an asset that is leased under an agreement to the ...
  6. Lessee

    The person who rents land or property from a lessor. The lessee ...
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. Personal Finance

    10 Tips for Renting a Vacation Home on Airbnb

    Here's a list to make sure that you have a seamless vacation using Airbnb.
  5. Investing News

    Behind WeWork’s $10 Billion Valuation

    We look at the method to the madness behind WeWork's $10 billion valuation.
  6. Economics

    How Does a Modified Gross Lease Work?

    A modified gross lease is a rental agreement where, in addition to their rent, tenants pay a share of other costs associated with the property.
  7. Investing

    Buying Your First Investment Property? Top 10 Tips

    Check this list if you are thinking of making a purchase and becoming a landlord.
  8. Home & Auto

    Millennials Guide: How To Read a Lease

    Everything you need to know before you rent a home.
  9. Home & Auto

    Living in New York City: Co-ops vs. Condos

    Buying an apartment in New York City means familiarizing yourself with the pros and cons of these two types of dwellings.
  10. Home & Auto

    Renting vs. Owning: Which is Better for You?

    Despite the conventional wisdom, renting might make more financial sense than you think.
  1. What is the process for a building owner depreciating leasehold improvements in a ...

    As long as the building owner is the person or entity that provides leasehold improvements, then the owner can depreciate ... Read Full Answer >>
  2. What kinds of real estate transactions use triple net (NNN) leases?

    A net-net-net lease, also known as a triple net or NNN lease, is a type of real estate lease that requires the tenant to ... Read Full Answer >>
  3. How long can a building owner or landlord depreciate a leasehold improvement?

    Leasehold improvements have different depreciation rules depending on whether you are working with U.S. tax basis financial ... Read Full Answer >>
  4. For what sorts of purposes can the funds in a share premium account be disbursed?

    Deadweight loss is the cost of market inefficiencies due to government regulations that prohibit natural market equilibrium. ... Read Full Answer >>
  5. 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 >>
  6. 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 >>

You May Also Like

Hot Definitions
  1. Capitalization Rate

    The rate of return on a real estate investment property based on the income that the property is expected to generate.
  2. Gross Profit

    A company's total revenue (equivalent to total sales) minus the cost of goods sold. Gross profit is the profit a company ...
  3. Revenue

    The amount of money that a company actually receives during a specific period, including discounts and deductions for returned ...
  4. Normal Profit

    An economic condition occurring when the difference between a firm’s total revenue and total cost is equal to zero.
  5. Operating Cost

    Expenses associated with the maintenance and administration of a business on a day-to-day basis.
  6. Cost Of Funds

    The interest rate paid by financial institutions for the funds that they deploy in their business. The cost of funds is one ...
Trading Center
You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!