Term
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Definition
| the right to retake possession at a future date |
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Term
| 4 types of leasehold estates |
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Definition
| Month-to-month. Estate for years. Estate at will. Tenancy at sufferance. |
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Term
| what makes a valid lease? |
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Definition
| Parties involved must be legally competent. Mutual agreement. Lawful objective. Sufficient consideration. |
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Term
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Definition
| 1) Names of lessee and lessor. 2) Description of the premises. 3) an agreement to convey the premises by the lessor and to accept possession by the lessee. 4) Provisions for the payment of rent. 5) starting date and duration of the lease. 6) signatures of the parties to the lease. Terms longer than one year must be in writing. |
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Term
| what is actually being transacted in a lease? |
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Definition
| conveyance of property rights and contract |
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Term
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Definition
| rent based on tenant's sales |
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Term
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Definition
| tenant pays a base rent plus maintenance, property taxes, and insurance |
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Term
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Definition
| tenant pays a fixed rent and the landlord pays all property expenses |
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Term
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Definition
| rent is indexed to some economic indicator, such as an inflation index. |
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Term
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Definition
| total transfer of teh lessee's rights to another person. Assignee acquires all the right, title, and interest of the assignor, no more and no less. |
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Term
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Definition
| to transfer only a portion of the rights held under a lease. Sublessee pays rent to the lessee, who is liable to the landlord for rent on the entire premises. |
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