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Types of Leases
Transcript of Types of Leases
Types of Leases:
Term for Years:
Tenancy at Will:
Tenancy at Sufferance:
a grant or a contract transferring the right to exclusive possession for an agreed, if indefinite, period of time.
no particular words are necessary to create a lease.
The Statute of Frauds, requires that a lease with a term longer than one year be in writing.
Term for Years
Tenancy at Will
Tenancy at Sufferance (non voluntary)
A Tenancy that arises from any lease or rental agreement that expires at the end of a defined period.
a transfer by which the tenant possesses the premises for an indefinite term and in which a periodic rent has been reserved to the landlord.
one that continues or runs from day to day, week to week, month to month, year to year.
typically when the lease provides for periodic payment of rent but has no termination date.
Termination is by express notice and the notice must specify the last day.
endures only as long as the parties agree is shall; continuous by mutual agreement.
can be express or implied
not transferable or assignable
terminate at will (most states have statutes that require 30 days notice).
it is a type of "wrongful" occupancy.
occurs when a tenant enters into valid lease of any of the three types of lease already mentioned and then "holds over" past the lease term.
landlord can eject or consent to the tenant holdover.
a holdover os a tenant who, having entered rightfully, remains in possession after the end of his or her term, without claiming to be there rightfully.
the holdover is a tenant at sufferance.
not a "trespasser" since they entered rightfully, so owner/landlord would have to "eject"
Types of Leases
Emphasis is on the word "term" not "years"
Parties to lease are landlord and tenant, also known as lessor and lessee.
Tenant usually pays for the right to "possess" the proeprty in the form a rent.