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CARE Prin. Ch. 12-D

Landlord & Tenant Relations: Definitions

TermDefinition
Lessor The landlord
Lessee The tenant
Estate at Sufferance Tenant wrongfully holds over after the expiration of his or her lease
Estate at Will No written agreement between parties.
Estate for Years Also called Estate from period to period. Fixed termination date. If less than 1 year oral agreement. If greater than 1 year in agreement is in writing.
Periodic Tenancy Month to month, or weekly to weekly. No termination date
Gross Lease Tenant pays flat rent. Landlord pays taxes, maintenance, and insurance
Net Lease Also called Triple Net Lease Tenant pays rent, taxes, maintenance and insurance (common with long term tenants
Graduated Lease Rent gradually increases each year
Percentage Lease Rent is based on the % of gross sales. Higher the gross sales the smaller the %. The smaller the gross sales the larger the %
Sublease Transfers only part of the term of the lessee to a sub-lessee
Writ of Possession Allows Sheriff to evict tenant
Lease with option to buy Property is rented for a period of time at the end of which the renter is given the option to purchase the property per a set of agreed terms with the landlord.
Implied right of habitability Landlord guarantees the dwelling meets minimum housing and health codes (ex: having hot and cold water)
CA legislative bill AB 1399 Landlord must give tenant 1-year notice if tenant is over 62 years of age
Created by: cobiagwu
Popular Real Estate sets

 

 



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