A payment made to a building owner, manager or landlord by a potential tenant in an attempt to secure a desired tenancy. Key money can be considered a type of deposit on a housing unit such as an apartment unit.
Key money also refers to a security deposit paid by a lessor or a lessee for a leased property.
Key money is paid by a prospective tenant to a property owner or manager in the hopes of securing a rental contract in a particular property. In certain circumstances, key money can be considered a bribe to ensure that a property coming up for rent is secured by the payer of the key money, and as such, the transaction is conducted in an unofficial manner.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
Key money — is used differently in different parts of the world. It sometimes means money paid to an existing tenant who assigns a lease to a new tenant where the rent is below market. It sometimes means a bribe to a landlord. In other parts of the world it… … Wikipedia
key money — ➔ money * * * key money UK US noun [U] ► PROPERTY a payment that the owner of a house, etc. gets from the person who is going to rent it: »In some agreements, the key money functions as a type of deposit … Financial and business terms
key money — n. money paid covertly, and usually illegally, by a prospective tenant, as to a landlord, to increase the likelihood of being able to lease an apartment in an area where housing is scarce … English World dictionary
key money — noun 1. Britain : a payment required of a tenant especially of an apartment on taking possession of the key 2. : a bribe paid by a prospective tenant in order to obtain housing the key money for an average studio in Paris is in the neighborhood… … Useful english dictionary
key money — key′ mon ey n. 1) bus advance rent or security required of a new tenant in exchange for the key to an apartment or house 2) bus money paid, usu. secretly, to a landlord, superintendent, or current tenant by a person desiring future occupancy •… … From formal English to slang
key money — 1. advance rent or security required of a new tenant and given in exchange for the key to the house or apartment. 2. an amount of money paid, often secretly, to a landlord, superintendent, or current tenant by a person desiring future tenancy.… … Universalium
key money — noun a payment required from a new tenant in exchange for the provision of a key to the premises … English new terms dictionary
key money — /ˈki mʌni/ (say kee munee) noun a sum of money paid by a prospective tenant for the opportunity of obtaining an interest in a property … Australian English dictionary
key money — payment given to a property owner in return for long term use of that property … English contemporary dictionary
key money — / ki: ˌmʌni/ noun a premium paid when taking over the keys of a flat or office which you are renting … Dictionary of banking and finance