Lessee = TenantLessor = Owner = LandlordReversion = right of owner to retake the property at end of leased period.
LEASEHOLD ESTATE
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Lessor & LesseeDescription of premisesAgreement to convey & accept
possessionRent payment provisionsStart date and duration of leaseSignature of parties to lease
VALID LEASE
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Estate for years- specific starting & ending date
Estate at will- terminated anytime by either party
Periodic estate- one that renews itself automatically
Tenancy at sufferance- holdover tenant
ESTATE PERIODS
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ConveyanceContractLandlord – Tenant lawsSetting RentsOption ClausesAssignment and Subletting © OnCourse Learning
THE LEASE DOCUMENT
Gross lease = Fixed rentGraduated rent = Step-up rent
payments over termPercentage lease = Rent is percent
of gross incomeNet lease = Rent plus increases in
expenses
Index lease = Rent tied to economic indicator
RENT
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Option clauseAssignmentSublettingGround leaseLease terminationEviction
LEASE TERMS
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Tenant selectionSecurity depositTenant retentionCollecting rentsOn-site managementOff-site management
PROPERTY MANAGEMENT
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(1) to discourage the construction of new housing so that the resources could be channeled to war needs.
(2) to set ceilings so that American households would not drive up prices by bidding against each other for available rental housing.
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RENT CONTROL
a term that refers to property management duties that are performed on the premises.
called a resident manager or superintendent.
resident manager and management company are fiduciaries of the property owner. © OnCourse Learning
ON-SITE MANAGEMENT
A rule of thumb in apartment management is that one on-site manager can handle 50 or 60 units alone.
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MANAGEMENT-UNIT RATIOS
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