Chapter 5

Every residential tenancy consists of what two parties

1. The landlord 2. The Tenant

Estate for years

A leased possession of property for a certain, specific period of time; also known as a tenancy for years

Estate at Will

An estate at will is a leasehold estate that exists without the benefit of an actual lease document, termination date, or specific rental period.

The landlord

The party granting the lease, a.k.a. the lessor

When a tenancy at sufferance occurs, what is the tenant referred to as?

holdover tenant

Periodic Estate

A periodic estate (also known as a periodic tenancy) has a fixed lease period wherein the lease is automatically renewed at the end of each lease period until the landlord or tenant acts to terminate it. A prime example of a periodic estate would be a month-to-month lease. Although, like an estate for years, a periodic estate lasts for a pre-determined length of time, the periodic estate does not have to have an ending date. It goes for as long as both the landlord and the tenant want it to last. Notice to terminate the lease is required.

Tenancy at Sufferance (Estate at Sufferance)

A tenancy at sufferance occurs when a tenant remains in possession of or continues to occupy a property beyond their lease term, without the consent of the landlord.

Leasehold estate

Is a type of property ownership that allows for the use and occupancy of a property that a tenant (lessee) does not actually own (and has no title to). This occurs when a tenant has temporary possession of a property and has the right to use the property, but does not have actual ownership interest. Instead, they have personal property ownership for the duration of their lease. And, as long as the tenant occupies the property, they will have to pay the landlord (lessor) rent.

Reversionary Right

Tenants have a special kind of "possessory estate" in the property for the duration of their lease, as long as they honor the terms and conditions of the lease contract. The grantor of this leasehold estate (the landlord) has a reversionary right, which means possession of the property reverts back to the landlord after the lease term has expired. The landlord's interest in the property is specifically known as a "leased fee estate plus reversionary right."

The tenant

The party to whom the lease is granted, a.k.a. the lessee

What happens if a tenant at sufferance decides to pay the landlord rent and the landlord accepts? What does the tenancy at sufferance become?

a periodic estate.

Estate for Years

is a leased possession of property for a certain, specific period of time. 1. Can be for any specified period of time 2. Terminates automatically without automatic renewal 3. No notice required from either party

What are the four types of Leasehold Estates?

(1) Estate for Years, (2) Estate from Period to Period, (3) Estate at Will, (4) Estate at Sufferance.