Wills & Leases Flashcards
Testate
The act of dying with a valid Will
Intestate
The act of dying without a valid will. Probate following intestate succession
Testator
The person that died with a valid will
Devise
Transfer of real property with a will
Devisee
Receiver of real property through a will. Receives an executor’s deed
Bequest (Legacy)
Transfer of personal property with a will.
Executor
Named by testator to carryout wishes of testator
Administrator
Named by the court when one dies intestate
Codicil
A change to an existing will
GA wills must..?
Use two witnesses and be in writing
Formal Will (GA)
Legal age and sound mind. must use 2 witnesses.
Nuncupative Will (GA)
A verbal will given to two objective witnesses. Must be put in writing within 30 days (death bed will)
Holographic will
Not recognized in GA; Handwritten will by testator without witnesses.
Leasehold Estates (Renting)
have real property rights in GA
Demise
Transfer of Real property rights through a lease.
GA Landlord - Tenant Act
Requires certain duites of the landlord (Lessor) and Tenant (Lessee)
Leasehold Estates/ Tenancy: Estate for years
Definite beginning and ending. No automatic renewal. No notice require to terminate.
Leasehold Estates/Tenancy: Periodic Tenancy
A beginning and ending with an automatic renewal. Minimum notice of 60 days required (Landlord to tenant) 30 days (Tenant to landlord).
Leasehold Estates/Tenancy: Tenancy at Will
Verbal Contract. Indefinite time. Always 60/30 days’ notice.
Leasehold estates/Tenancy: Tenancy at Sufferance
No permission to stay. Tenant is called holdover tenant. Give notice then Actual eviction.
Types of Leases: Gross Lease
Residential; Lessor pays taxes and insurance; contains an escalation clause - if landlord costs go up, can pass onto tenant
Types of Leases: Net Lease
Commercial; Lessee pays taxes and insurance
Types of Leases: Percentage Lease
Commercial ( Shopping Mall), Rent paid annually, pays a base/sqft. plus percent of sales.
Types of Leases: Graduated Lease (Step up)
Storage unit; Pre-determined payments go up according to lease agreement.
Types of Leases: Index Lease
Rent based on an index according to the lease agreement
Types of Leases: Ground Lease
Long term, ex. agricultural lease. Ex. Cell phone tower from Verizon on personal land.
What are the two types of Transfer of Rights
Assignment: Total transfer of rights. Both parties liable to landlord.
Sublease: Partial transfer of rights. Only original tenant liable to landlord.
Lease Termination
Time, breach, mutual agreement, condemnation, bankruptcy, and foreclosure.
Sale of property or Death: Lease is still valid unless verbal (at will)
What are the two types of Evictions?
Actual Eviction: Landlord sues for possession
Constructive Eviction: Tenant must leave and stay gone then may be released from lease (Through Court only) ex. mold in home.
