real estate leases
DESCRIPTION
Chapter 16. Real Estate Leases. In This Chapter. You will look at leases from the standpoint of the tenant, owner, and property manager. Leasehold Estate. Lessee = Tenant Lessor = Owner = Landlord Reversion - right of owner to retake the property at end of leased period. Estate Periods. - PowerPoint PPT PresentationTRANSCRIPT
![Page 1: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/1.jpg)
© 2012 Cengage Learning
![Page 2: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/2.jpg)
© 2012 Cengage Learning
Real Estate LeasesChapter 16
![Page 3: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/3.jpg)
© 2012 Cengage Learning
In This Chapter
You will look at leases from the standpoint of the tenant, owner, and property manager.
![Page 4: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/4.jpg)
© 2012 Cengage Learning
Leasehold Estate
Lessee = Tenant Lessor = Owner = Landlord Reversion - right of owner to retake the
property at end of leased period.
![Page 5: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/5.jpg)
© 2012 Cengage Learning
Estate Periods
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
![Page 6: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/6.jpg)
© 2012 Cengage Learning
Valid Lease1. Lessor & Lessee
2. Description of premises
3. Agreement to convey & accept possession
4. Rent payment provisions
5. Start date and duration of lease
6. Signature of parties to lease
![Page 7: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/7.jpg)
© 2012 Cengage Learning
STATUTE OF FRAUDS
The Statute of Frauds in Texas provides that a lease of real estate for a term that cannot be performed within one year must be in writing.
A lease of one year or less need not be in writing to be enforceable.
![Page 8: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/8.jpg)
© 2012 Cengage Learning
Lease
![Page 9: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/9.jpg)
© 2012 Cengage Learning
Landlord-Tenant Laws Notice needed to terminate tenancy. Landlord’s lien for rent. Need for security devices. Habitable premises. Smoke detectors. Occupying limit of 3 adults per bedroom. Security deposits and 30 day rule for accounting
to tenant. Commercial leases 60 days. Duty to mitigate. Family Violence & Service Members.
![Page 10: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/10.jpg)
© 2012 Cengage Learning
Rent Gross lease = Fixed rent Graduated rent = Step-up rent payments over
term Percentage lease = Rent is percent of gross
income Net lease = Rent plus increases in expenses Index lease = Rent tied to economic indicator
![Page 11: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/11.jpg)
© 2012 Cengage Learning
Lease Terms Option clause Assignment Subletting Ground lease Lease termination Eviction – Forcible Entry and Detainer
3 days written notice Justice of Peace Court
![Page 12: Real Estate Leases](https://reader034.vdocument.in/reader034/viewer/2022051315/56812d03550346895d91dc5e/html5/thumbnails/12.jpg)
© 2012 Cengage Learning
Key Terms Quiet enjoyment Reversionary
interest Sublease Sublessee Sublessor
Escalation clause Ground rent Lessee Lessor Option clause