Unit 17 Flashcards
Lease
contract between owner (lessor) and tenant (lessee). Transfers the lessor’s rights to exclusive possession and use of the property to the tenant for a specified period of time
Lessor’s interest
Called leased fee estate plus reversionary right
In Writing?
if more than one year most be in writing to be enforceable
Lease-hold Estate
Tenant’s right to possess. Generally considered personal property
Estate for years
definite period of time
Estate from Period to Period
ex month to month. Must give notice to terminate
Holdover tenancy
tenant remains in possession after lease expires
Notice
Generally one period in advance for under a year
Year: 60 days written notice
month to month: 30 days
week to week: 7 days
Farm year to year: 4 months written notice
Estate @ Will
Right to possess property with indefinite duration. Automatically terminates on death of either party
Estate @ Sufferance
Holdover
Security Deposit
in IL, 5 or more units no holding of security deposit for property damage unless given itemized list within 30 days of vacating property
in IL, more than 25 units, held for more than 6 months, required to pay interest.
Chicago has different rules
Accessibility
Fair Housing Act - residential
ADA - commercial
Recorded a lease
if term 3 years or more and file in county where property is located
Nondisturbance Clause
Mortgagee agrees not to terminate the tenancies of lessees who pay should the property be foreclosed
Types of Options
Renewal
Purchase
