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Essentials Of Business Law Chapter 23 Landlord-Tenant Relations McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.

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Presentation on theme: "Essentials Of Business Law Chapter 23 Landlord-Tenant Relations McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved."— Presentation transcript:

1 Essentials Of Business Law Chapter 23 Landlord-Tenant Relations McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.

2 Essentials of Business LawChapter 23-2 Renting A Residence Landlord  Lessor  The owner of real property who gives up his or her right of possession Tenant  Lessee  The person who agrees to pay for the use of real property Lease  The document in which the terms of the agreement are spelled out

3 Essentials of Business LawChapter 23-3 Essentials Of The Landlord- Tenant Relationship The tenant must have the consent of the landlord to occupy the property The tenant’s rights in the property are inferior to those of the landlord The property must revert to the landlord at the termination of the lease The parties must agree that the tenant has a right of immediate possession

4 Essentials of Business LawChapter 23-4 Leases Covenant  Agreement or promise in a lease to do a particular thing Condition  Restriction included in a lease that limits the use of the property  The landlord may cancel the lease if a tenant fails to respect the conditions specified

5 Essentials of Business LawChapter 23-5 Tenancy Periodic tenancy  Lease continues for successive periods of the same length of time Weekly, monthly, annually  Automatically renewed at the end of the period  Landlord or tenant must give notice of intent to not renew the lease Tenancy for years  Lease is for a specific period of time  Automatically terminates on the stated expiration date

6 Essentials of Business LawChapter 23-6 Tenancy Tenancy at will  Lease continues indefinitely  Landlord or tenant must notify intent to terminate the lease Tenancy at sufferance  Tenant wrongfully extends his or her tenancy beyond the term agreed upon  Landlord has the option to: Evict the tenant and treat him or her as a trespasser Hold the tenant to another term of the lease

7 Essentials of Business LawChapter 23-7 Landlord’s Rights To collect the agreed-upon rent To regain possession of the property in good condition at the end of the lease To evict a tenant  Nonpayment of rent  Illegal use of the premises  Other material violations of the terms of the lease To keep fixtures and permanent improvements

8 Essentials of Business LawChapter 23-8 Landlord’s Duties Warranty of habitability  Premises are reasonably fit for occupancy To mitigate his or her losses resulting from a tenant’s abandonment  Tenant’s voluntary surrender of possession of leased premises

9 Essentials of Business LawChapter 23-9 Tenant’s Rights Quiet enjoyment  The use of the leased premises without unreasonable interference Possession of the premises on the agreed upon date  For the duration of the lease Assignment of lease  Transfer of the tenant’s interest in the entire premises for the entire length of the term of the lease Sublease  Transfer of the tenant’s interest for part of the premises or for a part of the term of the lease

10 Essentials of Business LawChapter Termination Of Leases Lease expiration Tenant’s abandonment Termination by breach  Right to terminate the lease if the tenant violates any material lease provision

11 Essentials of Business LawChapter Tort Liability Determined by who has control of the premises at the time and place of injury  Tenant is responsible for injuries occurring in his or her own leased premises  The landlord is responsible for injuries that occur in common areas


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