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23 Cards in this Set
- Front
- Back
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Term
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An interest in land for a definite period of time
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Lease
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(1) A leasehold interest and
(2) The agreement between landlord and tenant creating the leasehold interest |
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What can happen if no estate in land comes into existence between landlord and tenant?
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Tenant may be:
- Evicted by the owner at once - He has no right himself to evict strangers - He cannot acquire further interests in land such as easements, which may be annexed only to a free hold or a leasehold estate. |
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Term certain
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A tenancy that expires on a specific day
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Over-holding tenant
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A tenant who remains on the premises without a new agreement with the landlord after the term of the lease expires
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Periodic tenancy
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A leasehold interest that renews itself automatically on the last day of the term for a further term of the same duration
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Tenancy from year to year
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A periodic tenancy that renews itself yearly
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Trespasser
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One who enters without consent or lawful right on the lands of another or who, having entered lawfully, refuses to leave when ordered to do so by the owner
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what are the landlord's consent to assignment?
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- The prestige or reputation of the building
- The risk of unprofitable competition with the business of other tenants or with that of the landlord herself--a problem often arising in large business blocks and shopping centre's - Noise, fumes, or traffic interfering with other tenants - The wear and tear that certain businesses may inflict upon the premises |
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Waste
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Damage to the premises that reduces its value
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Covenant of quiet enjoyment
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A landlord's promise to do nothing to interfere with the tenant's possession and use of the premises
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What are the covenants of a lease that should be checked?
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- Payment of rent
- Restrictions on assigning or subletting the premises - Restrictions on the use of the premises - Fitness for occupancy - Responsibility for repairs - Quiet enjoyment of the premises - Responsibility for insurance - Responsibility for provision of services such as access (for example, elevators), heating, electricity, etc. - Responsibility for payments of property taxes |
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Surrender
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Abandonment of the premises by the tenant during the term of the lease
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Right of re-entry
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A landlord's remedy of evicting the tenant for failure to pay rent or breach of another major covenant
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Distress
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The rights of the landlord to seize assets of the tenant found on the premises and sell them to realize arrears of rent
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Notice to quit
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Notice of an intention to bring the tenancy to an end
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Fixtures
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Objects that are attached to the land or to a building or other fixture on the land
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How can we determine if an object is a fixture or not?
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- Has the object been fastened to the building with the intention that it becomes a fixture?
- What use is to be made of it? - How securely and permanently is it attached? - How much damage, if any, will be caused to the building by its removal? |
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Trade fixture
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An object attached to the premises for the purpose of carrying on a trade or business
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Tenant's fixture
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A trade fixture or any other fixture attached for the convenience of the tenant or for the better enjoyment of the object
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Privity of estate
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The relationship between tenant and landlord created by their respective interests in the land that passes to a transferee of the interest
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Leaseback
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A financial arrangement enabling a business to buy a building and sell it to a financial institution that in turn gives a long-term lease of the property back to the business
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What are some of the Tenants Legislated Protective Rights ?
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- Restrictions are imposed on the landlord's right to demand security deposits
- Landlords are required to maintain the premises in a reasonable state of repair - Tenants are relieved from paying rent in the event of certain breaches of covenant by the landlord or if the lease contract is frustrated - The landlord's remedy of distress is abolished - The landlord has a duty to mitigate any loss caused by the tenant's breach - The landlord may not arbitrarily or unreasonably withhold consent to an assignment or subletting - It is made more difficult to evict a tenant - Restrictions are imposed on rents and rent increases - Special tribunals and procedures have been established to deal with disputes |
