If you want to rent out your property, this article
will help you in understanding all the legal formalities and the process of
renting.
Rights,
Duties and Responsibilities
A landlord is a person who owns real estate
property. Landlord rents all or part of its property to another party, called
the tenant. A lease establishes the
relationship between landlord and tenant and it serves as both a conveyance of
a possessory estate in real estate property and a contract between the landlord
and tenant. As a tenant, you receive a right to legal possession of the property
in exchange for the valuable consideration which is usually called rent, which
you pay to the landlord. A lease typically defines the duration of the
agreement, all terms and conditions for extending the agreement and details
regarding the payment of rent.
A lease paper acts as both a conveyance and a
contract. Two sets of rights and duties occur between the landlord and tenant,
which are named as the rights and duties that exist in relate to typical
property law rules. Those lease papers show all the contractual promises of the
lease for both tenant and landlord. Many states have some more legislation,
which are designed to protect the rights of residential tenants. Such as the
right to fit the housing and privacy, and clauses that show protection of
tenants from acts like illegal discrimination and retaliatory evictions.
Landlord and tenant laws are depending on location and sate. So, it is important
to check state laws with all specific details.
Lease
and its types
Lease shows all the terms and conditions set
between the tenant and landlord. The amount and type of interest you have in
real estate property is called an Estate in Land. Estates are segregated into
two main classes:
- Freehold estates: A freehold estate is usually involved in ownership. For example: when you buy a house and it comes under your ownership, it is called freehold state.
- Non-freehold estates: The non-freehold estate is not involved in ownership of the property. For example: renting a property. A non-freehold estate is developed through a lease or rental agreements which can be either written or oral. In non-freehold estate, the landlord possesses ownership of the property, and the tenant has the right to use the property only. As it established in the terms and conditions of the lease or rental agreement. Non-freehold estates are involved in tenants, and they are generally referred to as tenancies.
There are four types of tenancies:
- Tenancy for Years: A tenancy for years shows a definite time period for the agreement, like one month or one year. The lease waived off automatically at the specified end date without the need of any prior notice by either the landlord or tenant.
- Tenancy from Period to Period: A tenancy from period to period shows a definite initial time that is automatically renewable unless terminated by either the landlord or tenant. The lease time duration could be week to week, month to month or year to year.
- Tenancy at Will: Tenancy at will can be waived off instantly whenever notice is given by either tenant or landlord. But, landlords typically provide a reasonable time period for the tenant to vacate the property.
- Tenancy at Sufferance: A tenancy at sufferance happened when a tenant remains on a property after a lease has been terminated or the agreement has expired. The only difference between a tenant at sufferance and a trespasser is that the former tenant had a right to occupy the property in tenancy at sufferance at some point.
