Real estate Winners part 5
a leasehold estate that continues for successive equal periods of time until terminated by proper notice from either the lessor or the lessee.
A periodic estate
Does it renew automatically?
A periodic estate does renew.
has an indefinite expiration date and renews automatically in like-time periods. Appropriate notice is required to terminate this estate
A periodic estate, also called an estate from period to period or a periodic tenancy
is a situation in which an existing lease has terminated but the tenant is holding over wrongfully. Rent is neither being paid nor accepted
An estate at sufferance This can also be referred to as a holdover tenancy. C
Is it even a leasehold estate?
An estate at sufferance is not really considered a leasehold estate. One way to remember it is the phrase "landlord suffers," which is exactly what happens when tenants refuse to leave or pay rent.
describes possession of property by a tenant who came into possession of the property under a valid lease, but stays on after the lease expires without the landlord's permission
An estate at sufferance, also known as a tenancy at sufferance
is a leasehold estate that does not have a lease to specify the termination date and rental period. Sometimes no rent is paid (e.g., resident apartment superintendent), or the rent owed has no reference to time periods (e.g., "35% of gross profits")
An estate at will also called a Tenancy at will
Does it survive the death of one of the parties to the lease?
An estate at will does NOT, but an estate for years and a periodic estate do.
is created when the owner permits another to occupy the property without a formal agreement to specify the termination date and rental period.
An estate at will, also called a tenancy at will
is a leasehold estate set to last for a specific period, after which it automatically terminates
An estate for years
Does it terminate automatically?
An estate for years does.
Duration of an estate for years can be
Any amount of time, even just one day.
A few months pass. Lewis is laid off from his job at the software company; he has no money to pay the rent and no place else to go, so he simply stays put without Mark's permission. What does this situation represent? estate at sufferance estate at will estate for years periodic estate
Estate at sufferance
Possession of property by a holdover tenant without the landlord's permission
Estate at sufferance
Possession of property by a tenant who once had a valid lease, but stays on after the lease expires without the landlord's permission..
Estate at sufferance. Also called Tenancy at Sufferance.
Mark has a change of heart and decides that Lewis can stay on for a while, even if he can't pay rent on any regular basis. What does this situation represent now? estate at sufferance estate at will estate for years periodic estate
Estate at will
Permission to occupy, but with no definite lease term and no regular rent being paid
Estate at will
When a tenant is in possession with the owner's permission, but with no definite lease term and no rent being paid (or rent is not paid on a regular basis); e.g., a landlord lets a holdover tenant remain on the premises without paying rent until a new tenant is found.
Estate at will also called an tenancy at will
It is also known as a term tenancy or a tenancy for years
Estate for years
Set to last for a specific period, after which it automatically terminates Estate at Will Choose an answer Periodic Estate Estate for Years Estate at Will Estate at Sufferance
Estate for years
Types of Leasehold Estates
Estate for years Periodic estate Estate at will Estate at sufferance
Jeff's friend Stu is building a new house. Jeff tells Stu that he can live in the apartment over Jeff's garage for three months, by which time the new house should be finished. Jeff will collect $200 in rent from Stu for the next 13 Saturdays. This is an example of a(n) estate at will. estate for years. periodic estate.
Estate for years *There is a definite end to Stu's occupancy of the apartment. Even though Jeff is collecting rent weekly for just three months, this is still an estate for years.
A leasehold estate set to last for a definite period (e.g., one week, three years), after which it automatically terminates
Estate for years also called a term tenancy.
An estate for years can be terminated by the death of one of the parties to the lease. True False
False
If he wanted to, Mark could forcibly remove Lewis from the property since Lewis is there without Mark's permission. True False
False
Pedro has a six-month lease. This is a periodic tenancy and Pedro can terminate the lease at any time. True False
False *An estate for years can be for any length of time, as long as there is a specific ending date, such as six months from now. This type of lease terminates only at the end of the lease period, unless both parties mutually agree
Fred sees that a house has been empty for months. He learns that the property owner, Johanna, lives in a different state, so Fred moves in knowing that Johanna will have no idea that he has possession of the property. This is an example of a tenancy at sufferance. True False
False * For there to be tenancy at sufferance, Fred would have to be a legitimate tenant, which he is not. Fred is nothing more than a trespasser, a squatter.
An estate for years (is/is not )terminated by the death of either party or by the sale of the property.
Is Not
Technically speaking, a tenancy at sufferance (is/ is not) a leasehold estate
Is not
The owner's interest in a leasehold estate, which is reversionary in that possession reverts to the landlord (lessor) when the lease ends.
Leased Fee Estate
interest that gives the holder a temporary but exclusive right to possession of the estate without title
Leasehold estate
The temporary interest that an owner gives to a tenant (lessee) that includes the right of possession and quiet enjoyment, without title
Leasehold estate Also called Less-Than-Freehold Estate
A person who leases property; a tenant.
Lessees
A person who leases property to another; a landlord.
Lessor
Mark leases his property to Lewis. Mark is called the landlord, or lessee. lessor.
Lessor
Is notice required in order to terminate?
Notice is required for a periodic estate.
Continues for successive equal periods of time until terminated by lessor or lessee
Periodic estate
Lewis is able to take on some work as a short-term contractor. He now has some income coming in and can pay Mark $500 per month in rent. Knowing the temporary nature of contracting work, Mark agrees to let Lewis remain in the duplex for as long as he's able to pay the monthly rent. What does this situation represent? estate at sufferance estate at will estate for years periodic estate
Periodic estate
A leasehold estate that continues for successive periods of equal length (such as from week to week or month to month), until terminated by proper notice from either party.
Periodic estate. Also called Periodic Tenancy, Estate from Year to Year, or Period-to-Period Tenancy.
Someone in lawful possession of real property, especially, someone who has leased property from the owner.
Tenant
A lessee who remains in possession of property after the lease has expired without permission; a tenant who refuses to surrender possession of property at the tenancy's end.
Tenant holdover
Lewis rents property from Mark. Mark has a leased fee estate. True False
True
if a landlord accepts rent from a holdover tenant,
a periodic tenancy may be created.
Anytime I see the word "fee" it means
an owner's interest in the real estate
An estate for years terminates________ at the end of the specified rental period and does not require either party to give notice
automatically
the estate for years or the periodic estate, an estate at will
automatically terminates when either the landlord or tenant dies.
A common example of an__________ is someone who rents to a family member who occasionally pays rent, but there is no lease agreement. Either party can end an estate at will at any time, although some states require a specific notification period.
estate at will
Mark's brother, Steve, finished college last June and has not been able to find the job he wants. Mark lets him live in the other half of his duplex while he looks for a "real" job. Steve occasionally gives Mark some money for bills from his job delivering pizza. What does this situation represent? estate at sufferance estate at will estate for years periodic estate
estate at will
Steve finally lands a job in another state, so Mark is now ready to find a tenant for his duplex. After advertising, he finds a nice, quiet computer programmer, Lewis, to rent it. Mark and Lewis sign a 12-month lease. What does this situation represent? estate at sufferance estate at will estate for years periodic estate
estate for years
Lewis is a good tenant, always paying his rent on time. After his lease expires, he stays on without a new lease and continues to pay the same rent every month. What does this situation represent? estate at sufferance estate at will estate for years periodic estate
estate for years *When a lease expires and a new lease is not signed, a periodic tenancy is created. This type of leasehold estate can also be called a tenancy from year to year or, in this case, a month-to-month tenancy.
An______ can be for any length of time as long as the termination date is explicitly stated in the lease. And is not terminated by the death of either party or by the sale of the property.
estate for years,
also known as tenancy for years, is a leasehold estate that extends for a definite term, at which point it automatically terminates. No notice is required to terminate this estate.
estate for years,
Landlord Donna has a rental property that's currently unoccupied. Right now, she owns the property _____________. She finds a tenant, Jack, to rent the property, and he moves in. Now Donna's interest is ____________. fee simple / leased fee fee simple / leasehold leased fee / qualified fee leasehold / fee simple
fee simple / leased fee
under freehold estates, you've got:
fee simple absolute, defeasible fee, and life estates.
Mark inherited the duplex he owns from his Grandma Beatrice. Her will indicates that Mark could keep the property as long as he does not build a bar on the land. What type of possessory interest does Mark have in the property? fee simple absolute estate fee simple defeasible estate leased fee estate leasehold estate
fee simple defeasible estate
on the non-freehold side, there are two basic categories
leasehold and leased fee.
an interest that gives the holder a temporary but exclusive right to possession of the estate without having a title.
leasehold estate
is an interest in someone else's property that allows the holder, known as the tenant or lessee, the right of possession.
leasehold estate, also called a non-freehold estate,
The holder of a leasehold estate is called the
lessee or tenant
An owner who leases property to a tenant is called the
lessor or landlord
The freehold side, there are _______ encumbering the property, or you're assuming there are _____encumbering the property
no leases, no leases
On the _________side, we assume there are leases encumbering the property, or there could be leases
non-freehold
The term of a periodic estate, also called a
periodic tenancy
may be any length of time agreed to—such as week-to-week, month-to-month, or year-to-year.
periodic tenancy
A leasehold estate is considered to be
personal property
a_______ is a leasehold estate.
rental lease
Since there is no lease, a landlord is not required to give a__________—sometimes called a holdover tenant—notice of termination
tenant at sufferance
