Term
Lease
(Landlord and Tenant) |
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Definition
Can be verbal or written. Document that provides the transfer of rights from the landlord to the tenant
Landlord: Lessor=fee simple owner retains a lease fee estate and also has a reversionary estate meaning regains rights or possession and use at the end of the agreement.
Tenant: Lessee= non-freehold retains a leasehold estate also known as tenancy.
Georgia Law defines a leasehold interest as real property. The title remains with the landlord. |
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Term
Estate for Years
(Leasehold Estate)
(Landlord and Tenant) |
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Definition
grants to the tenant exlusive possession and use of the propertu for a specific period of time. Does not have to be years but MUST have a definite starting and ending date.
Statute of Frauds states it must be in writing to be enforceable if it is for MORE THAN 1 YEAR.
1 year or less, can be verbal
Rights not affected by the sale nor the death of either party. Terms are binding on the heirs. |
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Term
Estate from period to period (periodic tenancy)
(Leasehold Estate)
(Landlord and Tenant) |
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Definition
| rights transferred for a period covered by rent and are then automatically renewed each time another rent payment is made. Continues indefinitely. Not terminated by sale of the land nor death of either party. Inheritable |
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Term
Estate at Will (tenancy at will)
(Leasehold Estate)
(Landlord and Tenant) |
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Definition
not assignable and it ends if property sold or if either party dies.
landlord gives verbal or written permission to occupy property indefinitely
In GA, tenant must give 30 days written notice to vacate and landlord 60 days written notice to terminate |
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Term
Valid Lease
(Landlord and Tenant) |
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Definition
Same requirements as a Deed:
Legally Competent
Mutual Agreement
Genuine Assent
Consideration
Lawful Purpose
In writing
Description of the Premises
Lease Term
Signature, Delivery and Acceptace |
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