Chapter Sixteen Flashcards
the transfer in writing of interest in a bond, mortgage, lease, or other instrument. 180
assignment
the legal process that results in the tenant;s being physically removed from the leased premises. 281
actual eviction
actions of a landlord that so materially disturb or impair a tenant;s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent. 282
constructive eviction
the tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after his or her lease rights have expired. 271
estate (tenancy) at sufferance
an estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite. 270
estate (tenancy) at will
an interest for a certain, exact period of time in property leased for a specified consideration. 269
estate (tenancy) for years
an interest in leased property that continues from week to week, month to month, or year to year. 269-270
estate (tenancy) from period to period
a lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. 279
gross lease
a lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long-term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated through default. 280
ground lease
a tenancy whereby a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law. 270
holdover tenancy
a written or oral contract between a landlord (the lessor) that transfers the right to exclusive possession and use of the landlord’s real property to the lessee for a specified period of time and for a stated consideration (rent). Bu state law, leases for longer than a certain period of time (generally one year) must be in writing to be enforceable. 268
lease
aa tenant’s right to occupy real estate during the term of a lease, generally considered to be a personal property interest. 112
leasehold estate
the purchase of real property, the consummation of which is preceded by a lease, usually long-term, that is typically done for tax or financing purposes. 278
lease purchase
a written or oral contract between the landlord and the tenant. What is the tenant?
lessee
a written or oral contract between a landlord and a tenant. What is the landlord?
lessor
a periodic tenancy under which the tenant rents for one month at a time. 283
month-to-month tenancy
a lease requiring the tenant to pay not only rent but also costs incurred in maintaining for the property including taxes, insurance, utilities, and repairs. 279
net lease
a mortgage clause stating that the mortgagee agrees not to terminate the tenancies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor’s building. 278
non disturbance clause
a lease, commonly used for commercial property, whose rental is based on the tenant’s gross sales at the premises; it usually stipulates a base monthly rental plus a percentage of any gross sales above a certain amount. 284
percentage lease
some leases grant the lessee the option to purchase the leased premises. This option normally gives the tenant the right to purchase the property at a predetermined price within a certain period, possibly the lease term. 278-279
purchase option
a clause in a lease that grants the lessee the privilege of renewing the lease. 278
renewal option
the return of the rights of possession and quiet enjoyment to the lessor at the expiration of a lease. 283
reversionary right
a clause allowing the tenant the opportunity to buy the property before the owner accepts an offer from another party. 278
right of first refusal
a transaction in which an owner sells his or her improved property and, as part of the same transaction, signs a long-term lease to remain in possession of the premises. 280
sale-and-leaseback
a payment by a tenant, held by the landlord during the lease term, and kept (wholly or partially) on default, or on destruction of th e premises by the tenant. 283
security deposit
the leasing of premises by a lessee to a third party for part of the lessee’s remaining terms.
sublease/subletting/assignment
