Chapter 17- Leases Flashcards
Lease:
Is a contract between an owner of real estate and a tenant (the lessee). It is a contract to transfer the lessor’s right to exclusive possession and use of the property to the tenant for a specific period.
Reversionary right
The possession after the lease term expires.
Leasehold Estates
A tenant’s right to posses real estate for the term of the lease. A leasehold if generally considered personal property.
-Definite time
-Possesion starts at beginning of lease + ends at eye end of the lease
-no notice is required to end estate
Estate from Period to Period
Is created when the landlord and the tenant enter into an agreement for an indefinite time.- that is, the lease does not contain a specific expiration date.
-Indefinite time
-lease automatically renew
-Landlord excepts rent-tenant pays rent regularly
-Notice is required to end the estate
*Holdover tenancy- tenants pay rent and its accepted after termination of lease.
Estate at Will
Gives the tenant the right to possess property with landlord’s consent for an unspecified or uncertain term.
-Indefinite
-Regular payments are NOT made
-Notice required
Estate at Sufferance
Arises when a tenant who lawfully possessed real property continues of the premises without the landlord’s consent after the rights expires.
-tenant does not leave and landlord does want them there.
Lease Agreements-
The lease may be written, oral, or implied, depending on the circumstances and the requirements of the statute of frauds.
Require of a Valid Lease
-Capacity to contract- legal capacity to contract
-Legal Objectives-must be legal
-Offer and acceptance-mutual agreement
-Consideration
Possession of Premises…
Use of Premises
A lessor my restrict a lessee’s use of the premises through provisions included in the lease.
Term of Lease
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Security Deposit
If the tenant defaults on payment of rent or damages the premises, the lessor may keep all or part of the deposit to compensate for the loss.
Not for paying rent, just for damages made on property.
Improvements
Neither the landlord nor the tenant is required to make any improvements to the leased property. the tenant may, however, make improvements with the landlord’s permission. In many most residential properties, any alterations become property of the landlord.
Accessibility
The Federal Fair Housing Act makes it illegal to discriminate against prospective tetanus on the basis of physical disability. Tenants with disabilities must be permitted to make reasonable modifications to a property at their own expense.
Maintenance of Premises
Lessor of residential property are required t maintain dwelling units in a habitable condition.
