Module 6- Leases Flashcards
Assignment
Transfer of tenant rights & liabilities
Economic Rent
rent of property could command on the open market
Contact Rent
rental income as stipulated by the parties in the lease
Holdover tentant
tenant who fails to move out when the lease expires
lease
agreement for the right to use the property
Leasehold estate
lease with no ownership
lesser
tenant
lessor
a person who provides the lease
mutual resecisson
termination of the lease by both parties
subletting
transfer of tenants’ rights but liability remains with the lessee
term
duration of the lease
When do you write a lease?
A lease must be in writing if its longer than one year
Leasehold estates (4)
Estate for years
periodic tenancy
tenancy at sufferance
tenancy at will
Estate for years
a lease with a definite start and end date
Periodic tenancy
a lease that automatically renews( requires notice to terminate
Tenancy at sufferance
when a tenant refuses to move out after not paying rent (holdover tenant)
tenancy at will
tenant occupies the estate with the permission of the owner, the lease terminates when either or die
Graduated lease
payments start low but gradually increase as lease matures
gross lease
tenant pays only rent
percentage rent
rent is based off gross receipts of the tenants businessn
net lease
tenant pays utilities, rent, tax, etc..
lease option
tenant can buy at preset price (prohibited in Texas)
sale and lease back
party sells, then leases it back usually for a long term lease
when should a landlord account for a security deposit?
within 30 days after the lease has ended
