Leasehold Estates Flashcards
what is a leasehold?
an estate in land, under which tenant has a present possessory interest in the leased premises and the landlord has a future interest (reversion)
what are the 4 leasehold estates?
1) tenancy for years
2) periodic tenancy
3) tenancy at will
4) tenancy at sufferance
what is a tenancy for years?
a lease for a fixed, determined period of time (need not be actual years)
when/how does a tenancy for years terminate?
ends automatically at its termination date
is notice required to terminate a tenancy for years?
NO
when must a tenancy for years be in writing?
when the term is greater than one year (SoF)
what is a periodic tenancy?
a lease which continues for successive intervals (ie–month to month) until either landlord or tenant gives proper notice of termination
**NOTE = continuous until properly terminated
under what circumstances is a periodic tenancy created by operation of law? (3)
1) land leased with no mention of duration but rent is made at set intervals
2) oral term of years that violates SoF creates implied PT
3) if landlord elects to hold over tenant who has wrongfully stayed past the length of OG lease (PT measured by the way rent is now tendered)
how is a PT terminated?
via notice (usually written), otherwise automatically renews
how much notice is needed to terminate PT?
notice must be at least equal to the length of the period itself
under the restatement (maj. view), in a year to year PT, how much notice is required?
one month
** NOTE = 6 months required for CL (min. view)
what is a tenancy at will?
a tenancy of no fixed period or duration, terminable at will of landlord or tenant
**typical language = “to T for as long as L or T desires”
how must a tenancy at will be created?
must be created via express agreement that the lease can be terminated at any time
**NOTE = if not expressly agreed, court will treat it as an implied PT
what is required to terminate a tenancy at will?
notice AND a reasonable time to vacate
what is a tenancy at sufferance?
when a tenant wrongfully holds over (remains in possession) past the expiration of the lease
**NOTE = leasehold given in order to permit landlord to recover