W8 LEASEHOLD ESTATES

Question 1

The Term of Years

Answer 1

Period: Fixed time by calendar date
Established: agreement (written or oral)
Termination: automatically by date
“ Can also terminate by L’s release
“ Can also terminate by L’s acceptance of T’s surrender
“ Can also terminate as a result of governmental action such as eminent domain

Question 2

The Periodic Tenancy

Answer 2

Period: Indefinite, successively repeating periods
Established: agreement (written or oral)
Termination: Terminated by giving proper notice, usually equated with the periodic term (check statutes for variations).
“ E.g. Month-to-month requiring 30 day notice
“ Week-to-week requiring 7 day notice
“ Year-to-year requiring 365 days notice

Question 3

The Tenancy at Will

Answer 3

Period: Last as long as the L or T desire
Established: agreement (written or oral) or in some circumstances by the taking of possession without objection
Termination: Terminated without formal notice at common law based on parties act; T may surrender possession or L may retake at any time.

Question 4

The Holdover Tenancy (aka tenants at sufferance)

Answer 4

Occurs when a previously valid tenancy ends and T maintains possession

Last until L demands possession or the tenancy at sufferance is converted into a new valid tenancy

No formal manner of termination since no valid tenancy in existence (but check statutes)

” Note; If L elects to treat a holdover T as a new periodic T the terms of the original lease carry over except as to length.

Question 5

Formal Requirements of a Lease

Answer 5

” Identification of the landlord and the tenant
“ An adequate description of the premises that are the
subject of the lease
“ The amount of the rent
“ Term of the lease