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26 Cards in this Set

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lease
gives the tenant the right to exclusive occupancy of the property and is consider personal property
estate for years

has a definite time period
periodic estate

property automatically renews its self
estate at will

the lease can be terminated at any time

estate at sufferance
tenant stays in possession of the property after the lease expires
reversionary rights
the owners right to retake the property after expiration of the lease
leased fee interest

lessor's (Landlord) interest

leasehold interest


sublease

is created when a tenant transfers less than all the leasehold interest to a new tenant
in a sublease there is how many landlords
two
under a sublease there original lease is between

lessor and lessee and is second to the leassee and subleasee
lease option

the tenant has the option to purchase a property at a specified price within a certain period
lease purchase


the tenant agrees to purchase the property at a specified price within a certain time period,


usually the end of the lease

gross (straight) lease

a tenant pays a fixed amount of rent, and a owner pays all other expenses for the property. the utilities are normally paid by the tenant
net lease

the tenant pays the owners expenses such as property tax insurance, maintenance
percentage lease
a commercial tenant agrees to pay a fixed base rental fee plus a percentage of the gross income in excess of a predetermined minimum amount of sales
sales-leaseback

the grantor sells the property to the grantee ans then leases back
graduated lease

allows for periodic step-up of rent payments and may be used to attract tenants to property that is difficult to rent
net lease

the tenant agrees to pay ownership expenses such as utilities, property tax, and special assessments
net lease, double net lease, and triple net lease

can be used to describe the lease, depending on the owners expenses the tenant agrees to pay
index lease

are used at times of inflation, the rent is tied in to a index that is out of control of the landlord or the tenant. this kind of lease contains a escalation clause
escalation clause
this allows the lease payments to change base on the index
does the death of the lessor or lessee automatically terminate the lease

no
if the property is sold what happens

the grantee(buyer) takes the title subject to all existing leases and cannot make any changes until each lease expires
grantee

buyer; person who conveys real estate by deed
uniform residential landlord and tenant act

does not allow abrogation where tenants sign away their rights in advance of signing the lease