CH 17 Flashcards
What is a Leasehold Estates?
A tenants right to occupy land and or buildings
User is what in a leasehold?
lessee and or Tenant
Owner is what in a leasehold?
the lessor and or landlord
what is a estate for years ?
a leasehold for a specific start and end time
What is a Periodic Estate
a leasehold for fixed time and auto renewal
What is a Estate at will?
A leasehold that can be terminated at anytime
What is a Tenancy at sufferance?
When a tenant overstays their welcome, so landlord is suffering
What are the 6 main elements of a valid lease?
- Lessor and Lessee names
- Description of Premises
- Agreement to convey and accept possession
- rent payment provisions
- Start date and durations of lease
- signatures of parties to lease
What is a Gross Lease?
tenant paus the rent, landlord pays the operating expenses
What is a Option Clause?
the right to lease or purchase in the future
What is a Assignment & Subletting
the right to assign/transfer tenant’s rights
to another person
What is a Ground Lease?
the lease of the land only
What is a vertical lease?
the lease of either the land below the surface or the
sky above
What is a Contract rent and economic rent?
lease amount vs. the market value
the rent could command
What is Rent Control?
Limits how much an owner can charge for use of their
property
