CH 6 - Landlord and Tenant

Sale-Leaseback

-A financial arrangement in which, at the time of sale, the seller retains occupancy by concurrently agreeing to lease the property back from the purchaser -Origianl owner assumes the role of lessee

Sublease

-A lease given by a lessee -A transfer of less than the entire time or space of a lease

Percentage Lease

-Lease on the property -Rental payment is determined by a percentage of gross receipts from the business

Unlawful Detainer (of Notice to Quit)

-The name of the legal process to initiate the removal of a tenant -document filed with the court that asserts nonpayment of rent or other illegal acts by the tenant

California law requires that an apartment building have a resident manager when it consists of...

16+ units

Within how many day(s) must the remains of a lessee's (tenant's) security and cleaning deposit be refunded after he or she vacates the premises

21 days

Lease

A contract between an owner and tenant, setting forth conditions of tenancy for a fixed period of time

Rental Agreement

A contract for the monthly rental of residential property

Net Lease

A lease requiring a lessee to pay charges against the property, such as taxes, insurance, and maintenance costs, in additon to rental payments

Lease Purchase Option

A lease that includes the right to purchase later

Sandwich Lease

A leasehold interest that lies between the primary lease and the operating lease

Rent Control

A legal maximum on rental price

Assignment

A transfer of a person's entire rights under a contract

Ground Lease

An agreement for the use of the land, only

Estate at Sufferance

An estate arising when the tenant wrongfully holds over after the expiration of the term

Estate From Period-to-Period

An estate contract between owner and tenant, setting forth conditions of a period-to-period tenancy

Lessor (Landlord)

An owner who enters into a lease agreement with a tenant

Rent

Consideration paid for the occupancy and use of real property

Lessee (Tenant)

One who pays rent under a lease agreement

Landlord

One who rents his or her property to another under a lease or rental agreement

A landlord can check the credit rating of a prospective tenant...

Only with prospect's approval

Contract Rent

Rent paid under a lease: the actual rent as opposed to the market rental value of the property

Rent control in California CANNOT be imposed on...

Retail stores, Office buildings, Manufacturing sites

If a large investment group leases a regional shopping center from the developer and subleases to retailers, the 2nd lease is called a(n)

Sandwich Lease

Economic Rent

The amount of rent expected if the property were currently availalbe for renting

Estate for Years

The concept of possessing an interest in real property by virtue of a contract for a fixed and definite period of time

Writ of Possession

The court order physically expelling a tenant

Eviction Process

The general name of the process, from beginning to end, that serves to remove a person from the possession of real property

Surrender

The giving up of an estate, such as a lease. A contractual agreement, having the consent of both parties, such as lessor and lessee, as opposed to abandonment

Estate at Will

The occupation of property by a tenant for an indefinite period, terminable by one or both parties (not common in California)

Tenant

The party who pays rent for a lease or rental agreement