Chapter 12A - Leases Flashcards
Actual Eviction
Eviction through legal process
Assignment
Lease is transferee from present lessee to an assignee - transfers entire interest but assignor (original tenant) and assignee (new tenant) share liability
Constructive Eviction
Tenant is prevented from quiet enjoyment of property - EX: no heat, inoperable plumbing.
Covenant
Promises or guarantees in lease
Estate at Will
Leasehold estate with no actual lease to specify termination or rental period. Superintendent, family member who occasionally pays rent. Requires proper notice for termination, not less than 30 days.
Estate for Years
Leasehold estate set to last for a specific period after which the lease automatically terminates.
Graduated Lease
Spells out rent increases or decreases, typically long term leases that specify annual rent increases.
Gross Lease
Lessee pays fixed amount and lessor pays all ownership expenses.
Ground Lease
AKA land lease. Unimproved land leased on long term basis. Tenant will build structure and own it upon completion.
Holdover Tenant
Tenant who stays in apartment after the end of their legal lease.
Index Lease
Rent is tied to common index indicator of economic performance like Consumer Price Index
Land Lease
AKA ground lease. Unimproved land leased on long term basis. Tenant will build structure and own it upon completion.
Lease
Contracts in which one party (lessee) pays property owner (lessor) rent in exchange for possession/occupancy of real estate without transfer of title or deed.
Leasehold Estate
Gives holder temporary right to possession without conveying title.
Lessee
Tenant
Lessor
Landlord
Net Lease - single, double, triple net
Lessee pays some or all of expenses associated with property
1) taxes
2) insurance
3) maintenance
1/3 = single net, 2/3 = double net, 3/3 = triple net.
Percentage Lease
Lessee pays fixed monthly payment as well as percentage of gross sales - retail tenants
Periodic Estate
Leasehold estate that continues for successive equal periods until terminated by proper notice from either party. NYS requires one month plus one day.
Quiet Enjoyment
Property cannot be invaded by anyone (including lessor) without lessee’s consent
Security Deposit
Money paid by lessee to lessor providing security in case of dmaange to property
Sublease
Tenant transfers only part of his interest to another person.
Tenancy as Sufferance
Tenant has a valid lease but stays after lease expires without landlord’s permission. Must be removed through legal eviction process.
