Leasing Flashcards
What are the execution formalities for a lease that is for a time period of over a year?
Must be in writing
Must be signed in the presence of 2 subscribing witnesses.
What is a tenancy for years?
This is an estate which continues for a fixed period of time.
Generally have termination dates and lasts for a year or more.
What is a periodic tenancy?
Continues for successive periods until terminated by proper notice by T or L.
What is a tenancy at will?
Tenancy is terminable at the will of T or L.
No fixed period of duration.
What is a tenancy at sufferance?
Holdover Tenant - gives Tenant a leaseholder estate so that L can recover rent.
Last until L evicts T or gives T a new term.
What is created by “To T as long as T desires?”
A tenancy at will.
What is created by “Estate for Years”
Tenancy of years.
What is a special clause that can be included in residential leases?
May contain a clause requiring T to give LL up to 60 days notice before vacating.
What is the classification of a lease that is Y to Y?
Periodic Tenancy
What is the classification of a lease that is M to M?
Periodic Tenancy
Does FL recognize periodic tenancies for commercial leases?
No
If a commercial lease is set up as a periodic tenancy what results?
No recognized by FL Law - this results in the lease being a tenancy at will.
How much notice is given for residential lease of Y to Y?
60 days
How much notice is required for residential lease of quarter to quarter?
30 days
How much notice is required for residential lease of M to M?
15 days
How much notice is required for residential lease of W to W?
7 days
What results if rent is paid at intervals?
This is periodic tenancy as long as its a residential lease.
Can a lease provide for liquidated damages if T fails to give notice of vacating?
Yes under any lease so long as LL provides written notice to T 15 days before notice period with date of termination is listed.
What occurs if T fails to vacate with LL approval and not give 15 days notice?
T is responsible for the full months’ rent.
If Rent is paid on an annual basis, what is the notice required to terminate a commercial tenancy at will?
3 months.
If Rent is paid on a monthly basis, what is the notice required to terminate a commercial tenancy at will?
15 days
If Rent is paid on a quarterly basis, what is the notice required to terminate a commercial tenancy at will?
45 days
If Rent is paid on a weekly basis, what is the notice required to terminate a commercial tenancy at will?
7 days.
What rent can be charged for a hold over period?
2x the current rent.
What are tenant’s duties under a lease?
1) Duty to repair
2) Duty not to use the property for illegal purpose
3) Duty to pay rent
What are the landlord’s duties under a lease?
1) Duty to deliver actual possession
2) Implied covenant of quiet enjoyment
3) Implied warranty of habitability (for residential only)
What are L’s remedies if T breaches its duties?
1) If T is in property and not pay - evict or sue for rent.
2) If T abandons or surrenders
LL has no duty to mitigate
LL can continue to hold T liable as rent come due.
LL can take possession but must find a reasonable replacement and T pays the difference in rent.
What are T’s remedies if L breaches its duties?
1) Sue
2) Leave
3) If for a violation of habitability:
- Move out and end lease
- repair and deduct from rent
- reduce and withhold rent
- remain - pay rent and sue
When can a purchase of real property terminate a lease?
By giving T 30 days notice
What are the regulations regarding a security deposit?
Once T leaves the property:
1) LL has 15 days to return it if no claims are made.
2) LL has 30 days to notify T in writing if it makes a claim
- T has a 15 day objection period.
- If no objection, LL must deduct the amount and remit the balance to T within 30 days of L’s initial notice.
True or False: If Tenant does not give the required notices to vacate, then LL does not have to comply with security deposit regulations.
True
What are limits on Caveat Lease?
1) LL must maintain common areas
2) LL duty to warn of hidden defects which LL knows of or has reason to know of.
3) Assumption of repairs: If LL undertakes repairs must do so in a reasonable manner.
4) Public use rule: LL who leases public space is liable for repairs
5) Short term furnished lease: L is responsible for all defects
What is voluntary waste?
T intentionally or negligently damages or exploits the property or materials.
What is permissive waste?
T fails to take reasonable steps to protect the property.
What is ameliorative waste?
T alters the property increasing the value.
T pays for the cost of restoration.
T can’t remove fixtures - chattels can be removed. Fixtures cause damage.
What are the elements of constructive eviction?
1) Substantial interference with T’s use of the property caused by L
2) Notice - T must provide a notice to L of the issue and L must refuse to act
3) Goodbye: T must vacate the property within a reasonable time after L recives notice of the issues.
How is the covenant of habitability breached?
No heat/water/plumbing
Only applies to residential.
Cannot waive it - premises must be fit for human habitability as a dwelling.
What is a partial condemnation?
LL and T relationship continues
T’s obligation to pay full rent continues.
T is entitled to a share in the condemnations award if it affects T’s rights.
What is a total actual eviction?
LL or paramount title holder exclude T from the whole property.
This terminates T’s obligation to pay rent.
What is a partial actual eviction?
T is only excluded from a portion of the property.
If by LL: T not required to pay rent.
If by paramount title holder: T’s rent is reduced.
