Chapter 14

Full service leases

A lease requiring each tenant to pay a portion of the overall operating expenses for the building and common areas in addition to a base rent common in office buildings and shopping centers

Estate from period to period

A leasehold estate that automatically renews itself for consecutive periods until terminated by notice given by either party is state from year to year and periodic tenancy

Ground lease

A lease of unimproved land also called a land lease

Estate for years

A leasehold estate of definite duration

Estate at will

A leasehold estate that may be terminated at the will of either party

Sale and leaseback

A transaction where an owner sells his or her property to an investor who immediately leases the property to the seller as agreed in the sales contract

Periodic tenancy

At least that automatically renews for successive periods unless terminated by either party also called an estate from year-to-year

Estate at sufferance

Describes the situation of someone continuing to occupy property after lawful authorization has expired a form of leasehold estate

Retaliatory eviction statute

Doctrine protecting a tenant from eviction for having us started his or her rights provides an automatic defense for up to one year after such an event

Breach of condition

Failure of landlord or tenant to perform his or her respective duties under the terms of the lease thereby giving the other party grounds for terminating the lease agreement

Lessor

Landlord under a lease

Tenant

Leasee or person possessing real property with the owners permission

North Carolina tenant security deposit act

North Carolina statute that requires a landlord or his or her agent to ensure that residential rental deposits are placed in a trust account or guarantee with a bond and specifies the amount and permitted uses such deposits tenant must be notified of the disposition of such deposits

Fit premises

Residential property that is in fit condition for human habitation in North Carolina a landlord is required to do whatever is necessary to put and maintain fit premises

Leasee

Tenant under Lease

Net lease

The lessee pays a fixed amount of rent plus the costs of operation of the property

Percentage leases

The rental amount is a combination of a fixed amount plus a percentage of the leasees gross sales

Index lease

The rental amount is changed in proportion to changes in a measures such as the consumer price index

Constructive eviction

The right of a tenant to move out and stop paying rent resulting from some action or in action by the landlord that renders the premises unsuitable for the use agreed two in a lease or another rental contract

North Carolina residential rental agreement act

In North Carolina statute that affects residential rentals in North Carolina by setting forth the mutually dependent obligations and duties landlords and tenants as well as the remedies available for breach of contract by the landlord

Residential eviction remedies

Judicial eviction also known as eject meant is the only legal residential eviction remedy in North Carolina

Landlord

One who owns real property and leases it to another also referred to as lessor

Lease

The contract where a landlord gives a tenant the right of use of possession of property for a limited time in return for rent

Gross lease

The lessor pays all costs of operating and maintaining the property and real property taxes

Graduated lease

The rental amount changes in specified amounts over the lease term