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New York Real Estate for Salespersons, 5th e

New York Real Estate for Salespersons, 5th e. By Marcia Darvin Spada Cengage Learning. Chapter 5. The Contract of Sale and Leases Part I Leases. Chapter 5 Key Terms. Actual eviction/ Constructive eviction/eviction Graduated lease Gross lease/triple net lease Ground lease Index lease

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New York Real Estate for Salespersons, 5th e

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  1. New York Real Estate for Salespersons, 5th e By Marcia Darvin Spada Cengage Learning Chapter 5 Part I Leases

  2. Chapter 5 The Contract of Sale and Leases Part I Leases Chapter 5 Part I Leases

  3. Chapter 5 Key Terms Actual eviction/ Constructive eviction/eviction Graduated lease Gross lease/triple net lease Ground lease Index lease Landlease Lease Lessee/lessor Option to renew Percentage lease Security deposit Sublease Chapter 5 Part I Leases

  4. Definition of a Lease • A lease is a contract • For a consideration (usually rent), a landlord transfers to the tenant a property interest, or possession, for a prescribed time • The landlord is the lessor • The tenant is the lessee Chapter 5 Part I Leases

  5. Leasehold Estates Possession of Leased Property Estate for Years a fixed term Periodic Estate renews after a period of time Estate at Will terminated by informal agreement Estate at Sufferance possession after agreement has terminated Chapter 5 Part I Leases

  6. StandardResidential Lease Provisions The Lease Capacity to contract Demising clause Description of premises Term of lease Specification of rent/payment In writing Quiet enjoyment Competent, sane adults Transfer of possession No required limit Statute of Frauds Chapter 5 Part I Leases

  7. Security Deposit Possession and Habitability Improvement Assignment and Subletting Apartment Sharing Lease Requirements Chapter 5 Part I Leases

  8. Assignment and Subletting Sublessee pays tenant Assignee owes rent Sublease Assign- ment Assignee pays landlord Tenant owes rent Tenant pays landlord Lease transfers to assignee Chapter 5 Part I Leases

  9. Termination of a Lease Chapter 5 Part I Leases

  10. Death of Landlord or Sale of Property • Death or Sale by the Landlord • A lease agreement does not terminate upon the death of the landlord or the tenant • Death of the Tenant • Succession Rights to an Apartment • Succession Rights for Other Types of Properties • Generally, there is no “succession” in cooperatives and condominiums Chapter 5 Part I Leases

  11. Grossand Net Leases Gross lease-owner pays all expenses Net lease-tenantpays some or all ofexpenses Chapter 5 Part I Leases

  12. Types of Leases Percentage Ground Index Graduated Chapter 5 Part I Leases

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