Real Estate Glossary

What is Term Length?

Term length refers to the period of time for which a contract, lease, or loan agreement is in effect. The term length can vary depending on the type of agreement and the specific terms that have been agreed upon by the parties involved. For example, a mortgage loan may have a term length of 15 or 30 years, while a lease agreement may have a term length of one year. The term length is an important consideration for both parties as it determines the length of time that they are committed to the agreement.