Failure to pay rent gives the landlord a right of re

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Unformatted text preview: entitles the mortgagee to possession in the event of default only. Compare a lease of real property with a licence. Estates less than freehold estates are called leasehold estates. Leases and licences have to be distinguished in relation to land: • A lease is a grant of possession of property for a fixed term. • A licence is an authority to do something that would otherwise be illegal or wrongful. Define a lease. A lease is a contract granting exclusive possession of property to a person other than the owner for a certain period of time. Outline the ways a lease may be terminated. Leases may be terminated by: • time; • exercising an option in the tenancy agreement; • surrender; or • forfeiture as a result of: – breach of a condition; – breach of a covenant; – disclaimer by the tenant; or – statute. Failure to pay rent gives the landlord a right of re-entry. PROPERTY AND MORTGAGES KEY POINTS CHAPTER 33 Save time and improve your results. To test your mastery of the content covered in this chapter and to create your own personalised st...
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