Chapter 51 - Leases - Chapter 51 Leases I. Creation and...

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Chapter 51 – Leases I. Creation and Termination a. Leases are governed by the common law of property as modified by judicial decisions and statutes b. Definition and Nature i. Lease: 1. Relationship in which one person is in lawful possession of real property owned by another a. Owner is the lessor, or landlord b. One who occupies the property is the lessee or tenant c. Classification of Tenancies i. Tenancy for Years: 1. One under which the tenant has a lease that runs for a definite duration a. 6 months to 10 years ii. Periodic Tenancy: 1. One under which a tenant has a lease that has an indefinite duration and under which the tenant pays annual, monthly, or weekly rent a. Does not terminate except with proper notice i. At least one period prior to ending the lease 2. Implied when the tenant, with the consent of the landlord, stays in possession of property after a tenancy for years iii. Tenancy at Will: 1. Lease that runs for an indefinite period and can be terminated at any time by the landlord or tenant iv. Tenancy at Sufferance: 1. When a tenant remains in possession after the termination of the lease without permission of the landlord, the landlord may treat the tenant as either a trespasser or tenant
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a. Until the landlord elects to do one or the other, a tenancy at
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This note was uploaded on 04/24/2011 for the course MGMT 354 taught by Professor Staff during the Spring '08 term at Purdue University-West Lafayette.

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Chapter 51 - Leases - Chapter 51 Leases I. Creation and...

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