UNIT 17 LEASES Flashcards
ACTUAL EVICTION
The legal process that results in a tenant’s being physically removed from leased premises.
ASSIGNMENT
The transfer in writing of interest in a bond, mortgage, lease or other instrument.
CONSTRUCTIVE EVICTION
Actions of a landlord that so materially disturb or impair a tenant’s enjoyment of the leased premises that the tenant is effectively forced to move out and terminate the lease without liability for any further rent.
ESTATE (TENANCY) AT SEVERENCE
The tenancy of a lessee who lawfully comes into possession of a landlord’s real estate but who continues to occupy the premises improperly after the lease rights have expired.
ESTATE (TENANCY) AT WILL
An estate that gives the lessee the right to possession until the estate is terminated by either party; the term of this estate is indefinite.
ESTATE (TENANCY0 FOR YEARS
An interest for a certain, exact period of time in property leased for a specified consideration.
ESTATE (TENANCY) FROM PERIOD TO PERIOD
An interest in leased property that continues from period to period, week to week, month to month, or year to year.
GROSS LEASE
A lease of property according to which a landlord pays all property charges regularly incurred through ownership, such as repairs, taxes, insurance, and operating expenses. Most residential leases are gross leases.
GROUND LEASE
A lease of land only, on which the tenant usually owns a building or is required to build as specified in the lease. Such leases are usually long term net leases; the tenant’s rights and obligations continue until the lease expires or is terminated.
HOLDOVER TENANCY
A tenancy in which a lessee retains possession of leased property after the lease has expired and the landlord, by continuing to accept rent, agrees to the tenant’s continued occupancy as defined by state law.
LEASE
A written or oral contract between a landlord (the lessor) and a tenant (the lessee) that transfer the right to exclusive possession and use of the landlord’s real property for a specified period of time and for stated consideration (rent.) Leases over one year must be in writing to be enforceable.
LEASE PURCHASE
The purchase of real property, the consummation of which is preceded by a lease, usually long term, that is typically done for tax or financing purposes.
LEASEHOLD ESTATE
A tenant’s right to occupy real estate during the term of a lease, generally considered a personal property interest, although a long term lease may be eligible for treatment as real property for financing purposes.
MONTH TO MONTH TENANCY NET LEASE
A periodic tenancy under which the tenant rents for one month at a time. In the absence of a rental agreement, a tenancy is generally considered to be month to month.
NONDISTURBANCE CLAUSE
A mortgage clause stating that the mortgagee agrees to not terminate the tenacies of the lessees in the event the mortgagee forecloses on the mortgagor-lessor’s building.
