Leaseholds Flashcards
(25 cards)
Estate for years
Definite end date. (days, weeks,months.) No notice required and death does NOT terminate lease.
Estate for period to period
Month to month, day to day. Whatever the period is, is the notice they have to give. Death does not terminate lease.
Estate at Will
Open ended. Notice or death terminates will.
Estate at sufference
(hold over tenant) Landlord refuses the money.
Assign
Assigning the rights to someone else, but doesnt get the liability. (giving the lease to someone else and if they dont pay, you still legally have to pay.)
Novation
Release of lease of liabilty. original lessee is no longer responsible.
Novation
Release of lease of liabilty. original lessee is no longer responsible.
Lessor
Landlord
Lesee
Orinigal Lease tenant and Subleasee the second tenant.
Sublet
Lesee (tenant 1) takes back realty eventually.
Gross
Fixed monthly payment
Percentage
Tenant pays percent of gross sales over a period of time. Ex. Shopping mall
Triple Net
Tenant pays base fee and add all expensives together.
Sale/ Lease Back
usually model homes. Sells than leases back.
Escalation clause
Rent increases because of inflation
Constructive eviction
Allows the lease to be broken because its not safe.
Actual evicition
Lessor invloces court to force lessee to be removed.
Demise
To lease realty
Demise
To lease realty
Easement
grants right of use. (License is a privilege).
Right - legally enforced. Privilege can be taken.
Property managment
Selecting a quality tenant
Gross Easement ( Serviant estate)
The right to use the land of another. Like a utility has a right to come onto our property to fix an issue. Not inheritable.
Appurtenant easement
Using the land of another and the rights transfer with the property. (ex. Using neighbors road to go to your garage.)
Easement Necessity
Landlocked. Ingress ( getting into) and egress (getting out of). everyone has a right to access their property.
