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Chapter 14

Relationship of Landlord & Tenant

Breach of condition Failure of landlord or tenant to perform his or her respective duties under the terms of the lease, thus giving the other party grounds for terminating the lease agreement.
Constructive eviction A remedy for the tenant in the event the landlord fails to perform their duties. Occurs when premises are not fit and habitable and defect is not remedied within a reasonable period following notice thereof.
Estate at sufferance Someone who originally had legal possession of another's property but whose rights to possession have terminated (the renter will not leave).
Estate at will The duration of the term is completely unknown at the time the estate is created. May be terminated at will by simply giving notice. ew
Estate for years Must be for a definite term. The term "years" does not reference calendar terminology, but instead to the period of time specified in the lease.
Estate from period to period Commonly known as a periodic tenancy, among other things, and is for an indefinite period; that is, it renews itself automatically unless one party provides notice to the other during a prescribed time at the end of the estate.
Fit premises Fit for human habitation. The landlord's major duty. All obligations under this concept fall under the "Warranty of Habitability".
Full service leases Landlord provides all utilities, maintenance, etc. and each tenant pays a part of the overall operating expenses for the building and common areas proportionally to the square footage the have in addition to base rent.
Graduated lease One in which the rental amount changes from period to period over the term of the lease. Such changes are specified in the lease contract.
Ground lease A lease of unimproved land. Normally contains a provision that a building will be constructed on the land by the lessee.
Index lease One in which the rental amount is charged in proportion to changes in the Consumer Price Index (CPI) published by the US Dept. of Labor or other similar index.
Landlord Owner of leased property.
Lease A contract whereby a landlord gives a tenant the right to use and possess property for a specified period of time in exchange for rent.
Lessee The party receiving the lease. Also known as tenant.
Lessor The party who gives the lease. Also known as the landlord.
Net lease Tenant agrees to pay, in addition to the rent, specified costs and expenses associated with the property.
North Carolina Residential Rental Agreements Act Defines the roles of the lessor and lessee involved in the creation of the rental or leasehold estate. Does not regulate transient quarters or commercial real estate.
North Carolina Tenant Security Deposit Act Sets limitations upon the holding of security deposits by the landlord.
Percentage leases Rent includes a lower fixed amount of rent per month plus an additional monthly rent that is a percentage of the lease's gross sales.
Periodic tenancy Synonymous with estate from period to period, among other things, and is for an indefinite period; that is, it renews itself automatically unless one party provides notice to the other during a prescribed time at the end of the estate.
Residential eviction remedies Prohibit peaceable self-help (i.e., locking tenants out or shutting off utilities). Also prohibits distress distraint of chattel.
Retaliatory eviction statute Protects tenants in asserting their rights. Provides an automatic defense from eviction for up to one year from any such event.
Sale and leaseback A transaction wherein an owner sells a property to an investor and the investor agrees to immediately lease the property back to the tenant.
Tenant Synonymous with lessee; one who receives the lease from the landlord (lessor).
How does the Statute of Frauds apply to leases? A lease contract that extends for more than three years from the date of making is required to be in writing by the Statute of Frauds and to be recorded by the Conner Act to be enforceable.
What is required for a lease to be recorded? A lease longer than three years must be in writing in order for it to be enforceable against third parties.
The NC Residential Rental Agreements Act does not protect transient property or commercial quarters
A lease may be terminated by Expiration of term; mutual agreement; breach of condition; condemnation; judicial eviction; or constructive eviction.
The landlord retains ownership of the property s/he leases. This type of estate is a _____________ estate. freehold
The leasehold estate given to the tenant by the landlord gives _____________ to the lessee. possession
Under the NC Tenant Security Deposit Act, the permitted uses of the deposit are: damage to the unit; nonfulfillment of rental period; unpaid rent; court costs of eviction; and costs of re-rental if the tenant breaches the lease.
Any indefiniteness or vagueness regarding the creation of an estate for years will create a periodic tenancy or estate from year to year
True or false: The purchaser must honor the full term of a five year lease if the lease is not recorded. False.
Created by: PoeticVine
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