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Define leasehold and explain the limited rights of enjoyment, control, and exclusion that lessees have.
Define leasehold and explain the limited rights of enjoyment, control, and exclusion that lessees have.
Leasehold refers to a temporary conveyance of property governed by a contract between a lessor and a lessee. Lessees have limited rights of enjoyment, control, and exclusion, meaning they have the right to use the property for a specific period of time but do not have full ownership or control over it. They can enjoy the property and use it as specified in the lease agreement, but their rights are limited compared to the rights of the property owner.
What is a fixed term lease? Provide an example.
What is a fixed term lease? Provide an example.
A fixed term lease is the most common type of lease agreement where the tenant rents the property for a specific duration, usually for a set number of months or years. An example of a fixed term lease is when someone rents an apartment for 12 months. During this period, the tenant has the right to occupy and use the property as agreed upon in the lease, but the tenancy terminates at the end of the fixed term.
Explain the concept of an 'at will' lease term.
Explain the concept of an 'at will' lease term.
An 'at will' lease term refers to a month-to-month agreement between a landlord and a tenant. This type of lease does not have a fixed term and can be terminated by either party with proper notice. It offers flexibility to both the landlord and the tenant, as it allows them to end the lease agreement without being bound by a specific duration.
What is a continuation lease term? How does it differ from other types of lease terms?
What is a continuation lease term? How does it differ from other types of lease terms?
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What is an 'at sufferance' lease term? What are the implications for the tenant?
What is an 'at sufferance' lease term? What are the implications for the tenant?
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