CHAPTER 11 - Real Estate Chapter 11 CHAPTER 11 LANDLORD AND...

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Real Estate Chapter 11 CHAPTER 11 LANDLORD AND TENANT I. Leasehold Estates A. Characteristics of Leasehold Estate (non-freehold) 1. No title vest in leasee 2. Rights to possession 3. Landlord retains a “revisionary interest” (rights to possession reverts back to landowner) B. Types of Tenancies (Leasehold) 1. Estate for Years a. Fixed start date b. Fixed ending date 2. Periodic Tenancy a. Lease automatically renews until someone ends it (Fixed start date with automatic renewal) b. Disadvantage: automatic renewal 3. Tenancy at Will (most common) a. Set starting date, but can be terminated by the landlord or tenant upon notice b. Ex: month to month lease 4. Tenancy at Sufferance a. Someone in possession, but with no right to occupy b. Ex: squatters! Lol c. Court convicts you, but still in possession II. Required Lease Provision A. Lease Agreement - K between landlord and tenant, 6 requirements: 1. Written document (b/c of Statute of Frauds, over a year) 2. Names and signatures of landlord and tenant J. Duong 1
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Real Estate Chapter 11 3. Description of premises (specific!) 4. Term (how long will the lease start and end) 5. Rent (if rent not stated, court use FMV. Where rent to be paid with time) Residential: don’t worry about utilities except PG&E. Commercial: based on square footage a. Base rent- what you pay to occupy premises, square footage b. Percent Rent- percent of tenant’s gross sales c. Taxes and Insurance compensation- tenant pay all three! Triple Net (insurance,
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