Leasehold estates Flashcards
The amount of rent stated in the terms of the lease
Contract rent
The transfer of possession in a state to another by lease
Demise
What the property could rent for in the open market if currently vacant and available
Economic rent – also called market rent
A leasehold estate set to last for a definite., After which terminates automatically
Estate (tenancy) for years - also called term tenancy
Possession of property by a tenant who came into possession of the property under a valid lease but stays on after the lease expires without the landlords permission, or a seller who remains in the property after the close of escrow
Estate at sufferance
A leasehold estate with no specified termination date in with no regular rental period
Estate at will
A leasehold estate that continues for successive periods of equal length until terminated by proper notice from either party
Estate from. To. – Also called periodic estate or period to period Estate
Difference between the contract rent in the economic rent
Excess rent
When a tenant remains on the property after a lease has expired
Holdover tenancy
A tenant
Lessee
A landlord
Lessor
A lease in which the contract rent is higher than the economic rent (negative excess rent)
Negative leasehold
A lease in which the economic rent is higher than the contract rent (positive excess rent)
Positive leasehold
The right of an owner or less he to use and possess real property without interference from the previous owner, the less sore, or anyone else claiming title
Quiet enjoyment
The transfer by a tenant of only part of the right of possession or other interest in leased property to another person for part of the remaining lease term
Sublease (sandwich lease) - Also called sandwich lease or sublet
