Payment in exchange for the temporary use of something
When you pay rent for an apartment or house, you are not building equity unless your rent payments are going towards a down payment to own the home in the future. The owner of the property is called a landlord and the renter is called a tenant. The rent is mutually agreed upon by both the landlord and the tenant, and is written into a rental agreement or lease.
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Showing posts with label rental agreement. Show all posts
Showing posts with label rental agreement. Show all posts
Thursday, October 19, 2006
Monday, June 12, 2006
Lease
A rental agreement between a landlord and a tenant that lasts for an agreed period of time
A lease must include a property’s description, the date the lease expires, the price of the rent, and the landlord’s signature. Even though it is common practice for both the tenant and landlord to sign a lease, the lease is legally binding if only the landlord signs it. Also, by law, a landlord can take back a property when the lease ends.
Leasehold Estates
Estate for years: A tenant that has a lease for a set period of time.
The rent must remain the same until the lease expires.
Estate from period to period: A tenant with a lease that lasts month to month. The lease is automatically renewed at the end of each month. The tenant has to give 30 days notice.
Estate at sufferance: When a tenant lives on a property without the landlord's permission or paying rent.
Estate at will: When there is no lease between the tenant and the landlord.
A lease must include a property’s description, the date the lease expires, the price of the rent, and the landlord’s signature. Even though it is common practice for both the tenant and landlord to sign a lease, the lease is legally binding if only the landlord signs it. Also, by law, a landlord can take back a property when the lease ends.
Leasehold Estates
Estate for years: A tenant that has a lease for a set period of time.
The rent must remain the same until the lease expires.
Estate from period to period: A tenant with a lease that lasts month to month. The lease is automatically renewed at the end of each month. The tenant has to give 30 days notice.
Estate at sufferance: When a tenant lives on a property without the landlord's permission or paying rent.
Estate at will: When there is no lease between the tenant and the landlord.
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