Leaseholds/Landlord-Tenant Law Flashcards
Leasehold
what is it?
a non-freehold interest.
An estate in land where the tenant has a present possessory interest in the leased premises and the landlord has a reversion in the future interest.
what does a leasehold contain in its contract?
Numerous Clause Principle– limits the number of rights that the court will acknowledge
Tenancy for Years
what is it?
an estate that lasts for some fixed period of time or for a period computable by a formula that results in fixing calendar dates for beginning and ending, once the term is created or becomes possessory.
Periodic Tenancy
what is it?
a lease for a period of some fixed duration that continues for succeeding periods until either the landlord or tenant gives notice of termination.
what if the tenant doesn’t pay rent after set 1 year fixed lease?….that is subject to Statute of Frauds
You have Periodic Tenancy!
How do you create a Periodic Tenancy
Tenancy at Will
what is it?
a lease that is terminable at the will of either the landlord or the tenant
one must terminate the leashold
(relatively rare today)
Tenancy at Sufferance
what is it?
(also called holdover tenant)
a tenant who is rightfully in possession but wrongfully remains after termination.
