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Simple English definitions for legal terms
rents, issues, and profits
Read a random definition: lease
A quick definition of rents, issues, and profits:
Rents, Issues, and Profits: This refers to the total amount of money earned from owning or possessing property. It includes the rent paid by tenants, any issues or problems that arise with the property, and the profits made from selling or renting the property. Basically, it's the money you make from owning property.
A more thorough explanation:
Rents, issues, and profits refer to the total income or profit that comes from owning or possessing property.
- A landlord collects rent from tenants who live in their apartment building. This rent is part of the landlord's rents, issues, and profits.
- A farmer earns profits from selling crops grown on their land. These profits are part of the farmer's rents, issues, and profits.
These examples illustrate how rents, issues, and profits are the income or profit that comes from owning or possessing property. Whether it's collecting rent from tenants or earning profits from selling crops, the total income or profit is considered rents, issues, and profits.