Property Management
A contract that grants the right to possess and use property for a specified period in exchange for rent.
A lease is both a contract (creating obligations between landlord and tenant) and a conveyance (transferring possessory rights). In New York, leases for more than one year must be in writing under the Statute of Frauds. The four types of leasehold estates are: estate for years (fixed term), periodic tenancy (auto-renewing), tenancy at will (terminable by either party), and tenancy at sufferance (holdover after lease expiration). The landlord retains a reversionary interest. The right to regain possession when the lease ends.
Exam Tip
Estate for years has a definite end date and does not require notice to terminate. Periodic tenancy auto-renews and requires notice. Know the differences.
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Property Management
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