Lease Basics

Question 1

What are the 3 main types of Leases?

Answer 1

(1) FIXED Term
(2) PERIODIC Tenancy
(3) Tenancy AT WILL

Question 1

(1) What is a ‘Fixed Term’ lease?
(2) How does it end?

Answer 1

(1) Lease of FIXED Length (e.g. 6 months) &

(2) AUTOMATICALLY ends at end of Term

Question 2

(1) What is a ‘Periodic Tenancy’?
(2) How does it end?

Answer 2

(1) Continues on a ROLLING BASIS (e.g., weekly, monthly, quarterly) with no fixed end date.
(2) L or T serve ‘NOTICE TO QUIT’

Question 3

What is a ‘Tenancy At Will’?

Answer 3

Informal Lease where L or T can end with NO NOTICE