Real Final 2

Holder of fee simple


Has right to exclusive use and possession during period of tenancy

• Leasehold lasting for fixed period of time specificed in lease
• You know the termination date of lease

Termination: Automatically at specified end date, NO NOTICE required

• Tenancy with NO definite end date
• Continualy renews for like period of time unitl one party terminates

Express: to PJ on month to month basis beginning Novermber 1 2013

Implied: No mention of duration, but payment of rent is at intervals. Holdover tenant where rent is accepted

Continuous Renewal: Lease automatically renews for like periods of time unless notice of termination provided

Termination: Is required, Notice of termination equal to length of tenancy period

Tenancy for no fixed duration, with NO  provision for rent

Created:Express or Implied

Termination: Can be terminated at any time by either party, Death, 30 days notice

• (holdover tenancy) Tenant remains in possession of property after the tenancy period has terminated
• Lessor can collect rent when there is no lease agreement
• CA(Tenant is a trespasser bc no right to remain on property)
• Termination: Eviction or creation of new tenancy term

• Tenant pays fixed amount paid each month
• No operating expenses paid
• Modified Gross: Landlord requires tenant to pay for utility costs

Percentage: Tenant pays fixed base rent + % of revenue from business

NNN: Fixed amount + Operating Expenses (property tax, property insurance, property maintenance)

Tenant pays prorated share of CAM

In lease: allocated space, when tenant leaves, right to audit

Legal as longa s landlord can receive reasonable rate of return on its investment

Limiations: increases, how often, late fees, total amount charged

Writing: if lease over a year than must be in wriritng (can be on napkin, letter, etc.)

INcludes: Names/Signatures, Property Description, term of lease, amount of rent

Maximum: 2 months for unfurnished, 3 months rent for furnished units

NO LIMIT for commercial leases

Landlords require tenants pre pay rent of months prior to taking possesion

CA: 6 months residential, NO commercial limites

Leased residential premises must be fit, safe, and sutiable

Violation is a material breach of the lease (tenant can abandon premise and sue for damagaes)

No warranty

Maintenanc: Landlord must keep premise in repair (not for minor reparis and required to take care of common areas)

Tenant has no duty to repair defects on premise