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Renting or Owning???

Renting or Owning???. Principles of Law Mrs. Pollison. Landlord-Tenant Relationship. Landlord – owner who rents real property to someone else. Lease – contract between tenant and landlord Lessee – tenant Lessor – landlord. Types of Tenancy – tenants interest in real estate they lease .

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Renting or Owning???

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  1. Renting or Owning??? Principles of Law Mrs. Pollison

  2. Landlord-Tenant Relationship • Landlord – owner who rents real property to someone else. • Lease – contract between tenant and landlord • Lessee – tenant • Lessor – landlord

  3. Types of Tenancy – tenants interest in real estate they lease. • Tenancy for years: • Definite or fixed period of time • May be required in writing • Periodic tenancy: • Continues for successive, fixed periods of time • Notice required to terminate • Tenancy at will: • Indefinite period of time • No writing required • Notice required to terminate • Tenancy at sufferance: • Illegal occupancy • Tenant does not leave when tenancy expires • Must pay rent!

  4. The Lease Agreement • Written agreement between lessor and lessee • General rules of contract apply • Terms of lease – rights & duties of landlord and tenant • Security deposit – often equals one month’s rent; returned at end of lease with interest if no damage; landlords often require 1st & last month’s rent at contract signing • Assignment – transfer remaining period of time in lease to someone else • Subletting – transfer of part of term of lease, not remainder, to someone else • Option to renew – right to renew for one or more additional periods

  5. Landlord duties and obligations • Refrain from discrimination • Maintain the premises • Transfer peaceful possession

  6. Tenant’s duties and obligations • Abide by terms of lease • Avoid waste • Return fixtures

  7. Eviction!! • Landlord deprives tenant of the possession of the premises! • Reasons: • Not paying rent • Staying after lease expires • Damaging the premises • Violating provisions in the lease • Constructive eviction: landlord breaches duty (no heat, no electricity) • Tenant may terminate lease and leave

  8. Know your rights and responsibilities!!! https://www.youtube.com/watch?v=MEniw46-U-U

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