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The Rental Agreement
Section
33.1 The Rental
Renting
a
Place
Agreement
Chapter
33
to Live
Section 33.1
The Rental Agreement
Section 33.2
Responsibilities of Landlord and Tenant
Section Outline
Tenancy
Types of Tenancies
Tenancy for Years
Periodic Tenancy
Tenancy at Will
Tenancy at Sufferance
Section Outline
The Lease Agreement
Terms in a Lease
Rent Control
Pre-Learning Question
What is a tenant?
Tenancy
If you rent real property, such as an
apartment or house, you are a
tenant.
If you own real property and rent it
to someone else, you are a
landlord.
Understanding Business and Personal Law
Tenancy
The contract between a tenant and a
landlord is called a lease.
In a lease, the tenant is known as the
lessee, and the landlord is the lessor.
33.1 33.1
Section
The Rental Agreement
33.1 33.1
Section
The Rental Agreement
Finances
Amount of monthly rent
Amount of security
deposit
Cost of utilities
Length of lease
33.1 33.1
Section
The Rental Agreement
33.1 33.1
Section
The Rental Agreement
Pre-Learning Question
What is a tenancy?
Types of Tenancies
Although they rent from someone
else, tenants own an interest in the
real estate they lease, called a
leasehold estate or tenancy.
Types of Tenancies
The types of tenancies are
tenancy for years
periodic tenancy
tenancy at will
tenancy at sufferance
Periodic Tenancy
A periodic tenancy, also called a
tenancy from year to year (or month to
month, or week to week), is a tenancy
that continues for successive fixed
periods.
Periodic Tenancy
One of the parties may terminate this
tenancy by giving advance notice to
the other party.
Periodic Tenancy
The notice requirement differs from
state to state, but it is often the period
between rent days.
The rent day is the day on which the
rent is due.
Understanding Business and Personal Law
Tenancy at Will
A tenancy at will is an interest in real
property that continues for an
indefinite period of time.
No written agreement is required to
create this tenancy.
Understanding Business and Personal Law
Tenancy at Will
It is terminated when either the
landlord or the tenant gives the notice
required by state laws, which is
usually 30 days.
Tenancy at Sufferance
A tenancy at sufferance arises when
a tenant doesnt leave the premises
after his or her tenancy has expired.
Tenancy at Sufferance
This situation often occurs when a
tenancy for years expires or when a
tenancy at will has been properly
terminated by the landlord but the
tenant remains in possession.
ANSWER
Tenancy for years.
ANSWER
Tenancy at will.
ANSWER
Periodic tenancy.
Pre-Learning Question
What is a lease agreement?
Terms in a Lease
The terms of a lease, known as
covenants, set forth the rights and
duties of the landlord and tenant.
Terms in a Lease
Common terms, or covenants, found
in a lease include
security deposit
decoration and repairs
assignment and subletting
option to renew or to purchase
Understanding Business and Personal Law
Security Deposit
Landlords often require you to pay a
security deposit and the last months
rent at the beginning of a tenancy in
order to secure the payment of rent or
repairs for damages to the property.
Pre-Learning Question
What is rent control?
Rent Control
Some large communities have passed
rent control laws to keep rent within an
affordable range.
Rent Control
These laws limit what landlords can
charge for rental property and also
often contain procedures that must be
followed before tenants can be
evicted.