Less Than Freehold Estates Flashcards
What is a Less-Than-Freehold Estate?
An Estate held by one who rents or leases property. Also known as leasehold estate.
What are classifications of a less-than-freehold estate?
Estate for years, periodic tenancy, estate at will, and estate at sufferance.
What is Estate for Years?
Leasehold interest in land for a fixed period of time. Often called tenancy for years. (Ex. summer rental)
What is a Periodic Tenancy?
Tendency that is not bound to a lease with fixed period. (Ex. month to month, week to week, year to year) Property notice is required.
What is Estate at Sufferance?
When a tenant wrongfully holds over after the expiration of his term; often called tenancy sufferance. (Ex. Tenant doesn’t pay rent and continues to stay there)
What is Estate at Will?
It could be ended at any time. Gives the lessee the right to possession until the estate is terminated by either party; the term of the estate is indefinite.
What is Estate at Will?
It could be ended at any time. Gives the lessee the right to possession until the estate is terminated by either party; the term of the estate is indefinite.
