Chp 16 Lease
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The legal process that results in the tenant’s
being physically removed from the leased premises.
The transfer in writing of interest in a bond,
mortgage, lease, or other instrument.
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.
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 his or her lease rights have expired.
Estate (tenancy) at sufferance
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 at will
An interest for a certain, exact period of time
in property leased for a specified consideration.
Estate for years
An interest in leased property that continues
from period to period week to week, month to month, or year to year
Estate from period to period
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.
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 through default.
A tenancy whereby 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
A written or oral contract between a landlord
(the lessor) and a tenant (the lessee) that transfers the right to exclusive
possession and use of the landlord’s real property to the lessee for a
specified period of time and for a stated consideration (rent). By state law,
leases for longer than a certain period of time (generally one year) must be in
writing to be enforceable.
A tenant’s right to occupy real estate during
the term of a lease, generally considered to be a personal property interest.
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.
A periodic tenancy under which the tenant rents
for one month at a time, In the absence of a rental agreement (oral or
written), a tenancy is generally considered to be month to month.
A lease requiring the tenant to pay not only
rent but also costs incurred in maintaining the property, including taxes,
insurance, utilities, and repair.
A mortgage clause stating that the mortgagee
agrees not to terminate the tenancies of the lessees in the event the mortgagee
forecloses on the mortgagor-lessor’s building.
A lease, commonly used for commercial property,
whose rental is based on the tenant’s gross sales at the premises; it usually
stipulates a base monthly rental plus a percentage of any gross sales above
Some lease grant the lessee the option to
purchase the leased premise. This option normally gives the tenant the right to
purchase the property at a predetermined price within a certain period,
possibly the lease term.
The return of the rights of possession and quiet
enjoyment to the lessor at the expiration of a lease.
A clause allowing the tenant the opportunity to
by the property before the owner accepts an offer from another party.
Right of first refusal
A transaction in which an owner sells his or her
improved property and, as part of the same transaction, signs a long-term lease
to remain in possession of the premises.
A payment by a tenant, held by the landlord
during the lease term, and kept (wholly or partially) on default, or on
destruction of the premises by the tenant.
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