DEFINITION of 'Eviction'

A landlord's legal removal of a tenant from his rental property. Eviction may occur when rent has not been paid, when the terms of the rental agreement have been breached or in certain other situations, such as the conversion of the rental unit to a condo.

BREAKING DOWN 'Eviction'

In the United States, the eviction process is a matter of state law, so it varies from state to state. Tenants receiving eviction notices will often have a specified number of days to correct the problem that has led to the threat of eviction. For example, the tenant may have three days to pay rent in full before he must vacate the unit. If the tenant does not voluntary comply with the eviction notice, the issue must be resolved in court.

RELATED TERMS
  1. Retaliatory Eviction

    When a landlord takes revenge against a tenant's actions by evicting, ...
  2. Rent Guarantee Insurance

    Insurance bought by a tenant that pays the monthly rent for a ...
  3. Tenancy At Sufferance

    An agreement in which a property renter is permitted to live ...
  4. Holdover Tenant

    A renter who remains in a property after the expiration of the ...
  5. Real Estate Investment Group

    An organization that builds or buys a group of properties and ...
  6. Landlord

    A real estate owner who rents or leases land or a building to ...
Related Articles
  1. Financial Advisor

    3 Things to Consider When Renting By the Room

    Although renting by the room can increase returns on rental property, it does come with a few caveats.
  2. Retirement

    Could Being a Landlord Pay for Your Retirement?

    If you have the money to buy them and the energy to run them – or the funds to pay a good manager – rental properties can help pay for your retirement.
  3. Managing Wealth

    11 Mistakes Inexperienced Landlords Make

    Avoid these pitfalls if you considering purchasing a rental property.
  4. Investing

    How To Rent Out Your Spare Room

    If you have extra space in your house, why not rent it out, especially during the school term, to help pay the mortgage?
  5. Investing

    Are You A Good Tenant?

    Landlords are looking for specific factors that are perceived to make up good tenants - do you fit the profile?
  6. Managing Wealth

    Top 5 Ways to Protect Yourself Against Problem Renters

    Renting seems like the perfect way to mitigate the costs of an extra home that won’t sell; the intended course of action when a property was purchased for an unbelievable price, or many of the ...
  7. Investing

    Top 4 Nightmares For Real Estate Investors

    Renting out your property is not without risks; the good news is, they don't have to keep you up at night.
RELATED FAQS
  1. Will filing bankruptcy stop an eviction?

    Learn about how filing bankruptcy can affect an eviction process, and find out what recourse your landlord has if you file ... Read Answer >>
  2. Do landlords set up escrow accounts for their tenants' security deposits?

    Learn when and why landlords place rental property security deposits in separate escrow accounts to make sure the money is ... Read Answer >>
  3. What are the three "nets" of an NNN lease?

    Learn what the three "nets" are in an NNN lease and how they affect the responsibilities of both landlord and tenant in a ... Read Answer >>
Hot Definitions
  1. Money Market

    A segment of the financial market in which financial instruments with high liquidity and very short maturities are traded. ...
  2. Block (Bitcoin Block)

    Blocks are files where data pertaining to the Bitcoin network is permanently recorded.
  3. Fintech

    Fintech is a portmanteau of financial technology that describes an emerging financial services sector in the 21st century.
  4. Ex-Dividend

    A classification of trading shares when a declared dividend belongs to the seller rather than the buyer. A stock will be ...
  5. Debt Security

    Any debt instrument that can be bought or sold between two parties and has basic terms defined, such as notional amount (amount ...
  6. Taxable Income

    Taxable income is described as gross income or adjusted gross income minus any deductions, exemptions or other adjustments ...
Trading Center