Lease(hold) Estates
This written or oral agreement gives a tenant the right to use and occupy property for a specific time in exchange for rent.
What is a lease?
Under this type of lease, the tenant pays a base rent plus a percentage of their sales, common in retail properties.
What is a percentage lease?
Owners in this specific arrangement typically have the right to use a property for a specific period of time each year.
What is a timeshare?
This insurance protects a landlord’s income if the property becomes uninhabitable and tenants can’t pay rent due to damage
What is rent insurance?
This occurs when a tenant stays after the lease ends without permission, forcing the landlord to take legal action.
What is eviction?
This lease type ends automatically on the specified date and does not require notice to terminate.
What is a Tenancy for Years?
This long-term lease allows a tenant to lease land only and often build improvements that revert to the owner when the lease ends.
What is a ground lease?
This form of ownership gives you individual title to your unit and shared ownership of common areas like hallways and pools.
What is a condominium?
This insurance protects a tenant’s financial interest in a long-term lease if the lease ends early through no fault of their own.
What is leasehold insurance?
When a landlord and tenant voluntarily agree to end a lease early, this type of lease termination occurs.
What is mutual agreement (or surrender)?
This type of tenancy occurs when a tenant stays after the lease has expired without the landlord’s permission.
What is a Tenancy at Sufferance?
This lease features rent increases at set intervals during the term, often used in long-term commercial agreements.
What is a graduated lease?
In this type of housing, you don’t own your unit outright but instead own shares in a corporation that owns the entire building.
What is a cooperative (co-op)?
This insurance protects against defects in ownership, such as unpaid liens or errors in the chain of title.
What is title insurance?
If a tenant fails to pay rent or violates the lease, the landlord may end the lease for this reason.
What is breach or default?
This type of tenancy can be ended at any time by either the landlord or tenant and usually has no fixed term.
What is a Tenancy at Will?
In this arrangement, a property owner sells the property and immediately leases it back from the new owner.
What is a sale-leaseback?
This term describes the process of turning a rental apartment building into individually owned condominium units.
What is a condo conversion?
This type of insurance protects property owners, landlords, and managers from claims of injury or property damagecaused to others on the property.
What is liability insurance?
Through no fault of the tenant, the lease may end automatically for this reason.
What is destruction of property?
This lease continues (like month-to-month) until proper notice is given by either party to terminate.
What is a Periodic Tenancy?
This lease includes an option to buy the property during or at the end of the lease term, often used by tenants who plan to purchase later.
What is a lease-purchase option?
During a condo conversion, tenants are often given this special right to purchase their unit before it’s offered to the general public.
What is a right of first refusal (or tenant’s right to purchase)?
This insurance policy covers a wide range of risks except those specifically excluded, offering broader protection than a standard fire policy.
What is comprehensive coverage?
This is the type of written notice a tenant or landlord must give to legally end a month-to-month lease, usually at least 30 days before the desired termination date
What is a notice to terminate tenancy (or notice to vacate)?