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What is a lease?
A lease is an agreement that grants one person the right to use the property of another for a certain period in return for valuable consideration. The lease agreement is a combination of a conveyance creating a leasehold interest in the property and a contract outlining the rights and obligations of the landlord (lessor) and the tenant (lessee). A leasehold estate is generally classified as the personal property of the lessee.
The requirements for a valid lease include competent parties, mutual assent, legality of object, signatures, valuable considerations, and a description of the leased property. In addition, state statutes of frauds generally require that any lease that runs longer than one year must be in writing in order to be enforceable in court. Leases also generally include clauses relating to such rights and obligations of the landlord and tenant as the use of the premises, subletting, assignment, judgments, maintenance of the premises, and termiation of the lease period.
Leases may be terminated by the expiration of the lease period, the mutual agreement of the prties (surrender), or a breach of the lease by either the landlord or the tenant. Neither the death of the landlord nor the landlord's sale of the rented property terminates a lease.
Upon a tenant's default on any of the lease provisions, a landlord may sue for a money judgment or for actual eviction when a tenant has improperly retained possession of the premises. If the premises hav become uninhabitable due to the landlord's negligence, the tenant may have the right of constructive eviction; thatis, he or she may have the right to abandon the premises and refuse to pay rent until the premises are repaired.
Several basic types of leases, including gross leases, net leases, percentage leases, graduated leases and index leases, are classified according to the method used in determining the rentla rate of the property. |
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