Chapter 23 - Chapter 23 Leases and Property Types 4/1/08...

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Chapter 23 Leases and Property Types 4/1/08 Leases as contracts- o Leases are contracts that must have the essential elements of any contract- competent parties, legal objective, mutual agreement, consideration Leases are contracts between owners (Lessor) and tenants (Lessee) for the use and possession of real property in exchange for rent payments. Leases are vital components of ownership that have a direct impact on property value. Lease Requirements 1. Name the landlord and tenant 2. Description of the premises 3. Language that conveys possession to the tenant 4. Start and ending dates 5. Rental payments 6. In writing and signed by both parties. Quiet Enjoyment- the Landlord must provide the tenant the uninterrupted use of the property without interference from the owner or owners representatives. Negotiated Lease Provisions Use of Premises- leases typically have a clause that controls how the property may be used, specifying certain allowed uses and prohibiting other uses. Lease Term- leases should state the period of time that the lease is in force.
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This note was uploaded on 04/13/2008 for the course REAL 4000 taught by Professor Martin during the Spring '08 term at University of Georgia Athens.

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Chapter 23 - Chapter 23 Leases and Property Types 4/1/08...

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