Leases
rent arrangement includes a percentage of tenant's income.
What is percentage lease?
joint tenancy with the right of survivorship.
What is JTWRDS?
lease for a definite period of time terminating automatically without notice by either party
What is tenancy on estate for years?
the person who owns the property and has a signed an option contract with a potential buyer
What is optionor?
When it is accepted by the offeree and acceptance is communicated to the offeror then the offer becomes a _____
What is a contract?
Allows rent to be increased or decreased or decreased periodically based on agreed index such as a changes in government cost-of-living index
What is index lease?
the person to whom a life estate goes upon the death of the life tenant.
What is remainderman?
lease that gives the tenant the right to possess with the consent of the landlord for an indefinite period of time. Terminated by either party giving notice of by death of either the landlord or the tenant.
What is tenancy at will?
A legal requirement to create a valid contract that be good and signed by an offeror or valuable
What is consideration?
legal but not enforceable. A promise to do something
What is an oral contract?
provides for specified rent increase at set future dates
What is graduated lease?
No right of survivorship where the heirs inherit he deceased person's percentage of ownership
What is tenancy in common?
lease for an indefinite period of time without a specific expiration date. Notice must be given to terminate
What is tenancy from year to year?
An option is an example of this type of contract
What is unilateral contract?
any contract that has illegal purpose
What is void?
state law requires all real estate contracts be written and signed to be enforceable. Exception is leases for 1 year or less.
What is statue of frauds?
holdover tenancy. Tenant continues to hold possession without the consent of the landlord.
What is tenancy at sufferance?
tenant pays a fixed rent, while landlord pays all taxes, insurance, etc.
What is Gross Lease?
A contract in which the parties state the exact terms
What is expressed contract?
contractual substitution of obligations from one party to another
What is novation?
definite price, exercised by a certain date or it becomes void. Option money must be paid for the option, doesn't always apply to purchase price.
What is option contract?
owners have a right of survivorship. Title, time, interest and possession are required to create a valid joint tenancy.
What is joint tenancy?
Tenant pays rent plus all or part of property charges
What is net lease?
A contract with a minor?
What is voidable contract?
land contract or installment sales contract. Owner financing, seller keeps deed until paid off
What is contract for deed?