LEASE Legal document that defines conditions of a rental agreement between tenant and landlord.

Slides:



Advertisements
Similar presentations
Real Estate Principles, 9th Edition
Advertisements

Lease-a rental agreement Specifies the amount of rent to be paid and the length of time for which the dwelling may be rented. States the rights and duties.
Real and Personal Property Objective Compare the legal rights of acquisition, transferal and renting/leasing of real or personal property. RELATIONSHIP.
1 Landlord-Tenant Law Real Estate Transactions I Mike Brigner, J.D.
Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Landlord/Tenant Law Business & Personal Law Gary Nelson April 2001.
Deeds and Leases Chapter 5. Deeds and Leases Deeds –Written document that transfers title to real estate.
Copyright © 2008 by West Legal Studies in Business A Division of Thomson Learning Chapter 51 Leases Twomey Jennings Anderson’s Business Law and the Legal.
Renting Realty Chapter 22.
Renting & the Law CHAPTER 33. Renting & the Law: Chapter 33  The person who rents property is the Tenant or Lessee.  The person who owns property and.
Renting Real Property CHAPTER THIRTY. Copyright © Houghton Mifflin Company. All rights reserved.30 | 2 Landlord – Tenant Relationship Landlord: the person.
1 Click your mouse anywhere on the screen to advance the text in each slide. After the starburst appears, click a blue triangle to move to the next slide.
Real Estate Law Residential Leases Real Estate Law Residential Leases.
Leases. Leasing Basics Lessor Lessee Landlord retains a reversionary right In most states, Alabama included, lease agreements for more than one year must.
Special Topics in the Landlord-Tenant Relationship 1.
Renting vs. Buying Housing. Rental Terminology Landlord Owner of property –Expects rent to be paid on time and for tenant to keep the property in reasonable.
Chapter 11 Rentors/Landlords. Vocabulary Tenant – a party to a lease who pays rent to the landlord in exchange for the possession and use of real property.
1 ARE 306Unit 15 Tenancies. 2 Definitions l Lessee l Lessor l Rent.
Chapter 13 Leasehold Estates 2010©Cengage Learning. All Rights Reserved.
Renting or Owning??? Principles of Law Mrs. Pollison.
 moving-in costs can include:  ■ Rent for first month  ■ Rent for last month  ■ Security deposit  ■ Utilities deposit  ■ Telephone deposit.
Chapter 9.1: Rental Agreements
1 Residential Evictions Real Estate Transactions I Mike Brigner, J.D.
+ Terms Renters Should Know Independent Living. + Renting Renting an apartment is one of the major adult decisions you’ll make. Signing a rental agreement.
Chapter 6 LANDLORD AND TENANT (Lessor and Lessee) 177.
OBJECTIVE 2.02 ANALYZE FINANCIAL AND LEGAL ASPECTS OF RENTING.
© 2015 OnCourse Learning Chapter 13 Leasehold Estates.
Chapter 29 LANDLORD AND TENANT. WHAT IS A LEASE? n Lease an agreement in which one party receives temporary possession of another’s real property in exchange.
Comprehensive Volume, 18 th Edition Chapter 53: Leases.
Your First Apartment  On one side of a piece of paper make a list of everything you would want in an apartment…. cost is NOT a factor, but you may not.
25-1 Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved.McGraw-Hill/Irwin.
P A R T P A R T Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business.
Chapter 16. Georgia Real Estate An Introduction to the Profession Eighth Edition Chapter 16 Real Estate Leases.
Landlord and Tenant Business Law I Mrs. Oddo. What is a Lease? Lease: An agreement in which one party receives temporary possession of another’s real.
Law for Business and Personal Use © South-Western Publishing G O A L S Types of Leases Describe the legal characteristics of a lease Identify the parties.
RESIDENTIAL LEASES. A lease is a contract to use another’s property Contract- An agreement/promise the courts will enforce Lessor/landlord and lessee/tenant.
Revised Chapter 17 Slide # 1 Copyright – David A. McGowan All rights reserved Chapter 17 LEASES (Page 330) Landlord Property owner Lessor Tenant.
LEASING REAL PROPERTY ► CHAPTER 13 © 2009 South-Western, Cengage Learning.
Section 9.1 Rental Agreements Section 9.1 Rental Agreements A contract to rent real property, such as an apartment or a house, is called a lease. The.
Your First Apartment  Make a list of everything you would want in an apartment…. cost is NOT a factor.  Look online to find an apartment that closely.
Pre-Assessment Renting a Residence Vocabulary Ms. Field.
© 2008 by South-Western, Cengage Learning Chapter 17 Charles J. Jacobus Thomas E. Gillett.
Remember that a lease agreement— whether written or oral—is a contract, enforceable by law.
2.02 Financial and Legal Aspects of Renting. Landlord Owner of the Property Expects the following from tenant: –Rent to be paid on time –Keep the property.
Chapter 49 Landlord-Tenant Law and Land Use Regulation.
CHAPTER 4: THE TENANCY AGREEMENT Emond Montgomery Publications 1.
CHAPTER 8: TENANT APPLICATIONS Emond Montgomery Publications 1.
2.02 Financial and Legal Aspects of Renting. Landlord Owner of the Property Expects the following from tenant: –Rent to be paid on time –Keep the property.
Renting or Owning a Home. Exciting event Learn about the rights of landlords and tenants in various kinds in of tenancies Types of co-ownership and deeds.
Your First Apartment  On one half of a piece of paper make a list of everything you would want in an apartment…. cost is NOT a factor.  Look through.
Louisiana Residential Landlord-Tenant Law Gregory L. Landry Senior Attorney Acadiana Legal Service Corporation Thursday, March 9, 2006.
Renting CMAGNO. Did You Know? 1/3 of all people in the U.S. rent Who are these people? – Majority are: singles, young couples, and senior people – Many.
TENANT’S RIGHTS & DUTIES Generally; implied covenant of habitability; right to repair and constructive eviction.
LAW IN AMERICAN SOCIETY APARTMENT LIVING NOTES. Living In An Apartment 1. Tenant’s most important duty: Paying the Rent a. (House) Mortgage: Loan to cover.
1 Chapter 11 Renters and Landlords © 2012 South-Western, a part of Cengage Learning.
The Rental Agreement Section Understanding Business and Personal Law The Rental Agreement Section 33.1 Renting a Place to Live Section 33.1 The.
Renting vs. Buying Housing
2.02 Financial and Legal Aspects of Renting
Your First Apartment WEBSITES NAME OF APARTMENT COMPLEX
Chapter 9.1: Rental Agreements
Objective 2.02 ANALYZE financial and legal aspects of renting.
Understand Sales, Consumer, Property and Cyber Laws
California Real Estate Principles, 10.1 Edition
Living on your own.
Objective 2.02 ANALYZE financial and legal aspects of renting.
California Real Estate Principles, 10.1 Edition
Daily Goals Compare the advantages & disadvantages of renting and buying a home List several items to check prior to signing a lease.
WEBINAR ESSAY SERIES REAL PROPERTY ESSAY #6 MODEL ANSWER  
Chapter 51 LEASES.
2.02 Financial and Legal Aspects of Renting
Presentation transcript:

LEASE Legal document that defines conditions of a rental agreement between tenant and landlord.

SUBLET To have another person other than the tenant take over the rental unit and payments and legal responsibilities for the remaining term of the lease.

ASSIGN To have another person other than the tenant live in the unit, while the original tenant maintain legal responsibility for the lease.

PREMISES The building or part of the building that is used for rental purposes.

LESSOR Some one who grants some else a lease on property. Sometimes referred to as the landlord.

LESSEE Some one who is granted a lease on property. Sometimes referred to as the tenant.

REPAIR AND DEDUCT NOTICE To keep residential real property in habitable condition, some local jurisdictions (and some standard lease forms) allow a tenant to give written notice to the landlord that there is a defect in the property. The notice to the landlord typically must provide the landlord with a reasonable amount of time to make the repair ("cure the defect"). After waiting the required amount of time after providing the written notice to the landlord, the tenant may then go out and hire a professional to make the necessary repair, pay the repairman, and then deduct the cost of the repairs from the rent paid to the landlord. Some restrictions on "repair and deduct" are that the cost of the repair must not exceed a certain dollar amount or be in excess of one month's rent.

RENT WITHOLDING A residential tenant's refusal to pay the rent, based on the landlord's unjustified refusal or failure to fix a defect in the rental that renders it unlivable or seriously unsafe. Rent withholding is legal only if a state statute provides for it, and often the tenant must deposit the rent in court or in an escrow account, pending the landlord's repairs. (See also: implied warranty of habitability). Recommend seeking legal counsel.

30-DAY NOTICE The usual amount of time required to give notice before moving out Usually give when a tenant violated the apartment rules of fails to pay the rent.

EVICTION NOTICE A legal notice from the lessor requiring the tenant to move out.

RETALIATORY EVICTION An eviction of a tenant by a landlord that is motivated, in whole or in part, by the tenant's exercise of a legal right, such as complaining in good faith to the health department, using a tenant remedy such as rent withholding, or organizing tenants in response to rental conditions. Not all states recognize retaliation as a defense to an eviction, and of those that do, each state defines retaliation, and how to prove it, differently.