A lessor and a lessee entering a lease agreement, which is a farm in property. The tenant has possessory interest in the property, while the lessor maintains a future interest in the property. When the tenant leaves the property, the landlord takes possession of the property. A lease agreement can survive the death of a lessor, depending on the type of lease whereby the lessor was part. A lease for years, a periodic lease and a lease at will represent the three main types of estates for rent.
Contract of lease for years
A lease for years, there is a fixed period of time. If the lease for years lasts for more than one year, leasing contract must be in writing to satisfy the Statute of frauds. A common example of the years lease is a lease that lasts for one year. A tenant signs a contract for a year and this provides the exact date on which the lease ends. A lease for years may end when the tenant breaks lease. A lease for years can also end when the tenant delivers the property to the lessor and it accepts it. A lease for years survives when a landlord dies, unless the contract provides otherwise.
A periodic lease continues from one year to another or you can also go for periods of the year. For example, a periodic lease can continue from week to week or month to month. A lessor and a lessee can create a periodic lease expressly in the contract by implication or operation of law. For example, a tenant could have had a lease for years, but when his tenure ended, became a tenant who rents the property from month to month. A tenant end a periodic tenancy giving proper notice to your landlord. For example, if the periodic tenancy is month-to-month, the tenant should give notice of a month that plans to move. This notice should be in writing. A periodic lease survives when the landlord dies, unless the lease contract set something different.
Tenancy at will
A tenant or a landlord may terminate a contract of tenancy at will at any time and for any reason. A lease will arises when both the lessor and the lessee understands that any of them may terminate the lease at any time. Both parties must enter into an agreement Express have a lease at will.
A contract of tenancy at will terminates by operation of law when: the tenant commits a loss; the tenant attempts to assign the lease to a third party; the lessor transfer the property to a third, and when the lessor makes a leasing contract for a certain term to a third party. A lease is also given terminate by operation of law when the landlord dies.