Real Estate Leases

  • Leases
    • Agreement between a property owner and tenant that transfers the rights of use and possession to the tenant
    • Requirements of a Properly Prepared Lease
      • Names of the lessor and lessee
      • Conveyance of the premises
      • Description of the premises
      • Term or duration of the lease
      • Amount of rent and manner of payment
      • Duties and obligations of parties
      • Signatures of the parties
    • Classification of Leases
      • Duration of term
        • Tenancy for stated period
        • Tenancy from period to period
        • Tenancy at will
        • Tenancy at sufferance
      • Type of Use
        • Ground lease
        • Residential lease
        • Commercial lease
      • Methods of Payment
        • Gross lease
        • Net lease
        • Net-net lease
        • Net-net-net lease
        • Fixed-rent lease
        • Graduated-rent lease
        • Reappraisal lease
        • Percentage lease
        • Index lease
      • Issues in the Landlord-Tenant Relationship
        • Renewal options
        • Common area maintenance fees (CAM)
        • Expense stops
        • Assignment and subleasing
        • Security deposits
        • Improvements
        • See Lease Example in Figure 7.1
      • Key Issues in Lease Example – Figure 7.1
        • Retail property (pub in shopping center)
        • Base rent, percentage rent, expense pass-throughs
        • Use of premises
        • Signage
        • Other rules at landlord’s discretion
        • Estoppel
        • Subordination

 

  • Rights/Obligations of Tenant and Landlord
    • Covenant of quiet enjoyment
    • Implied warranty of habitability
      • See Legal Highlight “Landlord’s Liability for Failure to Provide Adequate Maintenance”
    • Maintenance of common areas
    • Protection against criminal acts
    • Renewal clause
      • Negative renewal clause
      • Positive renewal clause
    • State Statutes Affecting Landlord-Tenant Relationship
      • Each state has enacted laws that regulate the behavior and relationship between landlords and tenants.
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