Property Ownership, Transfer of Title & Land Use 12.3.2 Flashcards
1
Q
A Periodic Estate is
A
a set period of time (monthly, weekly, annually) and continues to renew for that period until proper notice is given.
2
Q
Under a Periodic Estate
A
Notice is required to vacate and is usually for the amount of time that the periodic estate is designed for.
Notification time frames will be governed by state laws.
With the death of a landlord or sale of the property, the landlord could terminate the periodic estate by refusing to accept the rent.
An estate for years can turn into a periodic estate when the term of the lease is up and the tenant continues paying month to month and the landlord accepts the rent.
3
Q
Example of Periodic Estate
A
month to month and would require a 30-day notice to vacate.
