Term
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Definition
| Contract between a lessor and a lessee. |
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| Owner of real estate or landlord. |
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| Fixed, periodic payment made by a tenant of a property to the owner for possession and use. |
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| Landlord retains the right to possession after the lease terms expire. |
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| A tenant's right to possess real estate for the term of the lease. It is generally considered personal property. |
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| Types of Leasehold Estates |
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Definition
1. Estate for Years - Continues for a definite period (ie. years, months, etc.)Always has a start and end date.
2. Estate From Period to Period (periodic tenancy) - Created when the landlord and tenant enter into an agreement for an indefinite time; no specific expiration date.
3. Estate at Will - Gives the tenant the right to possess property with the landlord's consent for an unspecified or uncertain term; tenancy of indefinite duration.
4. Estate at Sufferance - When a tenant who lawfully took possession of real property continues in possession of the premises without the landlord's consent after the right of possession has expired. |
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| Created when a tenant takes possession with no definite termination date and pays monthly rent. |
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| No new lease agreement has been made; landlord accepting rent usually is considered proof of acceptance. |
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Term
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Definition
1. Capacity to contract - of sound and legal mind.
2. Legal Objective - lease must be legal
3. Offer and acceptance - mutual agreement of the terms.
4. Consideration - exchange of promises |
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| A tenant transfers the entire leasehold interest to another person. |
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| A tenant transfers less than the entire leasehold interest by subletting the premises; original tenant remains responsible for the rent being paid and any damage done to the rental. |
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Definition
| The mortgagee agrees not to terminate the tenancy of the lessee so long as the lessee is current in payment of the required rent. |
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| Clause that grants the lessee the privledge of renewing the lease. |
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| Lease grants the lessee the option to purchase the leased premises. |
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| Allows the tenant the opportunity to buy the property before the owner accepts an offer from another party. |
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Term
| Three forms of lease payments? |
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Definition
1. gross lease - tenant pays a fixed rent and some or all utility expense, while landlord pays all taxes, insurance, repairs, and any other utility expense and maintenance connected with the property.
2. net lease - tenant pays all or most of the property expenses, such as hazard insurance, property taxes, and common maintenance charges in addition to rent.
3. percentage lease - Rent is based on a minimum fixed rental fee plus a percentage of the gross income received by the tenant doing business on the leased property. |
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| A lease that allows for increases in the rental charges during the lease term. |
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| Provides for specified rent increases at set future dates. |
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Term
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| Allows rent to be increased or decreased periodically based on changes in the consumer price index or some other indicator. |
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| When a landowner leases unimproved land to a tenant who agrees to erect a building on the land. |
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| when an oil company leases land to explore for oil and gas. |
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| When a tenant wants to purchase the property but is not yet able to do so. |
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| The property owners sell the property and then lease it back for an agreed period and rental. |
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Term
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Definition
| requires a new owner to give the tenant some period of notice before termination of their lease. |
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Term
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Definition
| when a tenant breaches a lease or improperly retains leased premises, the landlord may regain possession through this legal process. |
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Term
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Definition
| If the leased premises become unusable for the purpose stated in the lease, the tenant may have the right to abandon them. |
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