PROPERTY LAW – LECTURE 5

PROPERTY LAW – LECTURE 5 - PROPERTY LAW...

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PROPERTY LAW – LECTURE 5 (DRAFT 1) LEASES Outline Historical development Terminology Type of Leases o Legal and equitable leases o Fixed term leases o Periodic leases Characteristics of a Lease Rights and duties of the parties o Implied covenants: General principles o Implied obligations: Repair o Implied Covenants in respect of the Tenant’s Occupation of the premises o Implied covenant to use Premise in Tenant-like manner Determination of Leases Remedies other than determination Leases and the Torrens System Introduction In SA, landlord/tenant law is modified in areas of residential tenancies & commercial tenancies. Examples of this are larger shopping centres, where they are bound by the two acts below: o Residential Tenancies Act, 1995 – All tenancies are subjected to this act. o Retains and Commercial leases Act, 1995 – Most of the common laws still apply under this Act. Historical Development o Leasehold estate – Hybrid of estate and contract.
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o Treated practically as real property – In fact personal property rights – “Chattels real”. Terminology Lessor/Landlord – The person granting leasehold interest. Lessee/Tenant – Grantee of leasehold interest. Lease, demise, tenancy (used for residential arrangements), tenancy agreement (used for residential arrangements) – Leasehold interest. When entering into a lease as a landlord, then you either let (to allow or permit) or demise premise/land to someone else. Landlord’s reversion – Landlord’s interest during lease term, where the lessee has executive possession over the landlord’s land so the landlord has limited rights to the land during the lease period. o A key characteristic is that a lease has to grunt the lessor exclusive possession. o Thus when the lease period is over, the land will revert back to the landlord. Difference between “assigning the lease” and “subleasing”. o When assigning the lease, the entire lease has been passed on or transferred to a third party. o Subleasing is where a tenant grunts a portion of that lease to a third-party. If dispute between parties, must look at substance of written agreement not only at what agreement calls it. This is used to determine whether a lease or license exists. o In the written agreement, often parties call something a license when it is really a lease and vice versa. Typical arrangement If A is the landlord, they could sell a fee simple of that land to F.
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B can enter into a 10 year lease of A’s land. B can also assign a 10 year lease to C of part of the land. C can then enter into a 2 year sublease with D. D can also further sublease for 2 years lease.
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This note was uploaded on 09/27/2011 for the course FINANCE 1001 taught by Professor Profassorted during the Three '11 term at University of Adelaide.

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PROPERTY LAW – LECTURE 5 - PROPERTY LAW...

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