Leasehold Interest Flashcards
Chattel Real
A leasehold estate
Contract Rent
The rental price stated on lease agreement
Demise
The transfer of a leasehold interest
Devise
The transfer of real property by will
Economic Rent
The amount that a property would bring at current market if it were not under prior contract
Estate at Sufferance
The lowest type of estate a person can hold
Estate at Will
Use of the property at the will of the landlord; either party can terminate the lease at any time since there is no set termination
Estate for Years
A lease that extends for a definite term
Freehold
An estate of ownership of real property of uncertain duration
Landlord/Lessor
The owner of the property who subordinates rights of possession and executes the lease
Leasehold
The interest a lessee has in a lease; a personal property interest
Lease-Purchase
A simple lease for specified period of time, after which or during which the lessor agrees to sell and the lessee has the option to purchase at an agreed price and terms
Option to Purchase
An agreement to enter into a contract to purchase at the option of the lessee, and at a specified time during the lease
Option to Renew
A lease clause that gives the tenant the right to extend the lease for a specified period of time
Periodic Estates
A leasehold estate that continues indefinitely for successive periods of time, until terminated by proper notice
