Premium Essay

Fixed-Term Tenancy

In:

Submitted By Jreynolds0702
Words 315
Pages 2
FIXED-TERM TENANCY
Joshua Reynolds
Everest University

The type of lease that Ann and Ted have is a Fixed-term tenancy. This type of lease is for a specified period of time and the lease ends without notice, and possession of the property returns to the landlord. If Ann was to die before the lease was up the lease interest would pass to the Ann’s heirs as personal property. The heirs of Ann could continue to work out of the office and operate the business. In such leases they normally have a provision for renewal or extension. The heirs of Ann’s would have to have the lease looked at to see if they could continue to lease the office space from Ted. The tenant’s estate can give at least one rental payment period notice to end a tenancy. If Ann’s heirs wanted to end the lease they can negotiate with Ted to end the tenancy. The date that the agreement ends depends on the action that was taken. If there was a notice that was used then it would end two weeks after the notice is received. So there is two main actions that could happen either the heirs could choose to continue the lease for however long the term is, they could also continue the lease with an agreement with Ted or they can give a notice and have the lease end.

REFERENCES:
Hollowell, W.E. & Miller, R. L., (2014). Business law text & exercises. (7th ed.) South-Western, Cengage Learning.
Residential Tenancies Branch. (2014, January 1). Province of Manitoba. Retrieved July 6, 2014, from http://www.gov.mb.ca/cca/rtb/gbook/s7noticeoftermination_nbyt-fixedtermten9.html

Ending a tenancy agreement fact sheet. (n.d.). Ending a tenancy agreement fact sheet. Retrieved July 6, 2014, from

Similar Documents

Premium Essay

Enterprise

...Residential Tenancy Branch Important Notes: Residential Tenancy Agreement #RTB–1 The Residential Tenancy Branch (RTB) is of the opinion that this Residential Tenancy Agreement accurately reflects the Residential Tenancy Act (RTA) and accompanying regulations. The RTB makes no representations or warranties regarding the use of this Agreement. A landlord and tenant may wish to obtain independent advice regarding whether this agreement satisfies their own personal or business needs. For the rental of a manufactured home and a manufactured home site under a single tenancy agreement, use this agreement form. For the rental of a manufactured home site use the Manufactured Home Site Tenancy Agreement. The words tenant and landlord in this tenancy agreement have the same meaning as in the Residential Tenancy Act (RTA), and the singular of these words includes the plural. In this tenancy agreement, the words residential property have the same meaning as in the RTA. Residential property means a building, a part of a building or related group of buildings, in which one or more rental units or common areas are located; the parcel or parcels on which the building, related group of buildings or common areas are located; the rental unit and common areas and any other structure located on the parcel or parcels. HOW TO COMPLETE THIS FORM ELECTRONICALLY: If you are accessing this agreement form from the B.C. Government Web site, it can be printed and completed by hand (print clearly...

Words: 3855 - Pages: 16

Free Essay

Property Leasehold Essay

...The trial judge will only order Tim to pay Larry back rent in the amount of $500 and find that Tim properly vacated the premises. There are four types of leasehold estates: (1) Term of years; (2) Periodic tenancies; (3) Tenancies at will; and (4) Tenancies at sufferance. A term of years is a lease for a fixed, determined period of time. No notice is required for termination. A term of years greater than one year must be in writing to satisfy the statute of frauds. A periodic tenancy continues for successive intervals until either the landlord or tenant give proper notice of termination. Unless otherwise agreed, the common law default rule requires notice to be given at least equal to the length of the period itself. A tenancy at will has no fixed time or period, and it may terminate at any moment by either party. Reasonable notice must be given to terminate the tenancy at will. A tenancy at sufferance is created when the tenant has wrongfully held over after the expiration of the original lease. It is usually short-lived and will continue only until the landlord either evicts the tenant or gives the tenant a new leasehold. Unless otherwise agreed by the landlord and tenant, the tenancy at sufferance is subject to those same terms and conditions as the original lease. In other words, the tenant will be required to pay the same amount of rent by the same method as agreed upon in the original lease. When the tenant holds over, the landlord has two options: (1) The landlord...

Words: 1198 - Pages: 5

Premium Essay

Housing Business

...of several (generally four or more) apartments. Contrast this with the two-family house and the three-family dwelling. An apartment (in US English) or flat (in British English and often associated with or miscontrued as social housing) is a self-contained housing unit (a type of residential real estate) that occupies only part of a building. Such a building may be called an apartment building, especially if it consists of many apartments for rent. Apartments may be owned by an owner/occupier or rented by tenants (two types of housing tenure). The term apartment is favored in North America, whereas the term flat is commonly, but not exclusively, used in the United Kingdom, Hong Kong and most Commonwealth countries. In Malaysian English, flat often denotes a housing block of lesser quality meant for lower-income groups, while apartment is more generic and may also include luxury condominiums. In New Zealand English, the two terms are independent: apartment has the US sense, while flat usually refers to any rental property, but especially one shared by students or another non-family group. Tenement law refers to the feudal basis of permanent property such as land or rents. May be found combined as in "Messuage or...

Words: 12388 - Pages: 50

Premium Essay

Rental

...Terminating a Tenancy The purpose of this leaflet is explain to landlords and tenants the correct procedure to lawfully end a tenancy. This leaflet is a general guide only and not an interpretation of the law and does not necessarily make reference to all relevant provisions. 1. When is a Tenancy Terminated? A tenancy may be terminated by either the landlord or the tenant for any one of a number of reasons. It could be due to a change of circumstances (e.g. the tenant buys a house, the landlord decides to sell the house) or because of the behaviour of the parties (e.g. the landlord is constantly disturbing the tenant, the tenant is in arrears of rent). No matter what the reason for the termination, the process is always the same. The person ending the tenancy must serve a notice of termination on the other party and that notice must comply with the Residential Tenancies Act 2004 in terms of the content of the notice itself and the amount of notice (i.e. what period of time until the dwelling is to be vacated) given. The content of the notice will depend on whether it is served by the landlord or tenant, the length of the tenancy and the reason for the termination. Where a tenancy that was entered into for a specific period (i.e. a fixed term tenancy) comes to the end of that period, a notice of termination does not have to be issued. If that period was 6 months or more and the tenant intends to continue in occupation, he/she must inform the landlord of that...

Words: 1778 - Pages: 8

Premium Essay

Land Lae

...Introduction In this assignment I’m going to discuss about the problems arose between the parties, advice to the parties and look into the possibilities available for the parties. The main problem arose in this question is on lease and license. Throughout this assignment I have discussed the difference between lease agreement and license agreement, formalities and characteristics of lease agreement and license agreement with deciding Common Law cases and also legal rights nd equitable rights available for the parties. A lease or a license is a contractual agreement between lessor or licensor and another party (lessee or licensee) that binds both parties to the terms of the agreement. FACTS * Erik, the personal agent of Neil who owns two apartments rented one of two apartment to a young couple Sona and Ben starting from 5th July 1998 for years * The couple approach to Erik with one of their close (Edwin) who wanted to rent a single room. * Edwin was given one of two keys to the room as there was a bad pipe that needed to be visited by the plumber. * The plumber comes to the Edwin’s room and checks the pipe whenever he can. * Neil arrived a month later and announced an increment in the rent. * Neither the couple nor their friend agreed to increment in the rent. * Sona and Ben argued that they have a lease agreement while Neil objected this statement. * Edwin did not wish to pay the rent as per the agreement and asserted that he will only explain...

Words: 2967 - Pages: 12

Premium Essay

Leasas an Introduction

...legal estate under s.1(1)(b) of the Law of Property Act 1925 provided that it is a ‘term of years absolute’ (s.205) and is created in the correct manner (i.e. if exceeding three years by deed (ss.52 and 54). If not created by deed, the general rule is that the lease will be equitable in nature. A lease will usually carry with it an estate, but this is not necessarily the case: Bruton v London & Quadrant Housing Trust. Requirements for a lease There are three essential requirements where the first two of these requirements were confirmed by the House of Lords in Street v Mountford where Lord Templeman expressed ‘must be granted exclusive possession for a fixed or periodic term certain in consideration of a premium or periodical payments’ however this consideration was not necessary, as could be one peppercorn a year: Ashburn Anstalt v Arnold 1. The estate must be of a duration permitted for a leasehold estate; 2. The grant must give exclusive possession; and 3. The grant must have the correct formalities Duration of Leases Fixed Term Leases The vital feature of a fixed term lease is that there is a fixed maximum duration such as 1month, 3 years, 99 years, 999 years etc. It is perfectly possible, indeed normal, for a least to contain a forfeiture clause under which the landlord can terminate the lease prematurely if the tenant breaks any of the terms of the lease. Some fixed term leases also contain a ‘break clause’ which can be invoked by the tenant. Under such...

Words: 6102 - Pages: 25

Free Essay

Real Estate Law

...Chapter 1 – History and Concepts of Property Ownership The method of “holding” land rather than “owning” it was called a system of tenure. Alienability: refers to the power to transfer tenure to another during one’s lifetime or at the time of death. Common Law: is the part of the law that is formulated, developed and administered by the common law courts, mostly underwritten and founded originally by common customs. Types of Estates: Estates – describes an interest in land or more specifically the degree, quantity, nature, and extent of interest that a person has in real property. Estates can be classified under several general headings: 1. Estate to use: ownership obtained by deed, will or possession. Ownership was often held for a future buyer and was often used to avoid a dower right. 2. Fee Simple: highest estate or absolute right in real property – essentially absolute ownership. Can be created where it terminates under certain conditions. For example: Fee Tail – a historical fee that restricts the inheritability of land to a limited class of heirs, such as the eldest male. 3. Future Estate: typically a component of a life estate 4. Leasehold Estate: Interest in land for a defined period of time 5. Life Estate: granting an interest in a piece of land to someone for a lifetime period. Bundle of Rights: The rights that are guaranteed by law in relation to property. These include: the right to use property, sell it, lease it, enter it, give it away, and finally...

Words: 5122 - Pages: 21

Premium Essay

Cmills

...will provide them with the information that they need and hopefully help them with buying a new house. I will give them advice about the real estate market and how to apply certain rules to their housing requirements. Jack and Jill requirements should be; can they afford mortgage payments, is their credit score satisfactory, do they have enough cash in reserve, are they prepared for any unexpected maintenance, and finally do they plan on living in the area for at least five years. Jack and Jill indicate that they want to co-own a property but don’t know how they should approach it. Jack and Jill should understand that co-owning real estate comes with benefits and some downfalls. The right form for them would be joint tenancy. The reason for joint tenancy is because they would get the right of survivorship. The right of survivorship allows the death of a joint tenant, his/her interest doesn’t descend to his/her spouse or pass by his/her will. The entire ownership remains in the surviving joint tenant. There is just one less owner. The downfall for co-owner is that each co-owner is responsible for paying his proportionate share of property taxes, repairs, and upkeep, plus interest and debt repayments. If the co-owner fails to contribute his/her proportionate share, the other co-owner can pay on his/her behalf and then sue the other co-owner for that amount. If co-owners find that they cannot agree as to how the property is to be run and cannot agree on a plan for dividing...

Words: 1290 - Pages: 6

Free Essay

Property Law Summary

...for the two separate branches is that historically land was the most valuable type of property (and arguably still is). -This course predominately focuses on real property. *Note that personal property can become real property by being attached to real property – referred to as ‘fixtures’. (E.g. carpet fixed to a house). SEE LATER FOR FULLER DISCUSSION OF FIXTURES. -General terminology: • Licence: all rights in relation to land, which look like a property rights, but are not actually property rights. ❖ Bare licence: The licence is not coupled with any form of consideration, and therefore can be revoked at will. ❖ Contractual licence: A licence coupled with a contract, and therefore may have remedies in breach of contract (damages, etc.). -Real Property (Common law) rights: • Fee Simple – An unencumbered inherited interest in land. It is almost equal to ownership (the crown actually owns all the land, but people have the right to reside on the land. • Native title – To be distinguished from the common law system. • Life estate – This estate lasts until death, i.e. it is not inheritable. • Lease / tenancy agreement – The right of possession is given (also known as a ‘possessory estate’. (If the right of possession does not exist, then other rights and interests are not available). • Easement: This does not give the right to possession. It is the right to do something on someone else’s land, or to suffer another...

Words: 12263 - Pages: 50

Premium Essay

Identify Legal and Ethical Requirements of Property Managment to Complete Agency Work

...Identify legal and ethical requirements of property management to complete agency work CPPDSM4007A Assignment 2 STUDENT NAME       OTEN NUMBER       Please read the “Guide to completing and submitting assignments” before you begin this assignment. What you need to do To successfully complete this assignment you must answer the following questions to demonstrate your knowledge. The assignment will be granted a result of “Competent” if the learning outcomes are achieved or “not yet competent” if not. If a result of “Not Yet Competent” is achieved you will be given the opportunity to resubmit your assignment. Your Task This task is designed for you to demonstrate your understanding of the core legal and ethical requirements associated with property management. This includes awareness of the legislation dealing with the leasing and management of property, the role and responsibility of agency personnel in property management, the recording of property management transactions and the completion of property management documentation. Part 1 – Knowledge assessment |No. |Question and answer | | |Q. 1 |List five (5) duties of a property manager describing each in detail. | | | | ...

Words: 3185 - Pages: 13

Premium Essay

To What Extent Can Housing Led Regeneration Schemes Tackle Social Exclusion?

...To what extent can housing led regeneration schemes tackle social exclusion? Written by: Rosalie Burke – University of Westminster MA Housing Policy and Practice (April 2012) In order for housing led regeneration schemes to tackle social exclusions, the regeneration organisers and the residents of the area will have to play their parts. This paper will be looking at how regeneration schemes can tackle social exclusion by creating mixed tenures, and what roles residents can play in sustaining mix tenures in order to tackle social exclusion. This paper will also look at if social exclusion can be kept out of housing regeneration schemes in this bad economical climate which has seen many job losses and the changes in which the Localism Act has introduced. Regeneration programmes, are normally conducted in areas which are deemed to be poor and is usually based around improving the quality of housing and tackling social exclusion. Regeneration can be funded by the public sector and a mixture of private and public sources (Muir, 2008). Regeneration schemes can bring in investors to the area which in turn can create employment opportunities and from employment, this would lead to money being spent in the area, people would want to raise a family, work and continue to live for a very long time. Regenerating an area does not always mean knocking down the whole community and starting again, it can be that some of the properties are knocked down because...

Words: 2269 - Pages: 10

Premium Essay

Pecto and Investers

...Chapter 17 | | respondeat superior | Latin for “let the master respond.” A doctrine under which a principal or an employer is held liable for the wrongful acts committed by agents or employees while acting within the course and scope of their agency or employment. | agency | A relationship between two parties in which one party (the agent) agrees to represent or act for the other (the principal). | apparent authority | Authority that is only apparent, not real. In agency law, a person may be deemed to have had the power to act as an agent for another party if the other party’s manifestations to a third party led the third party to believe that an agency existed when, in fact, it did not. | disclosed principal | A principal whose identity is known to a third party at the time the agent makes a contract with the third party. | e–agent | A computer program that by electronic or other automated means can independently initiate an action or respond to electronic messages or data without review by an individual. | equal dignity rule | In most states, a rule stating that express authority given to an agent must be in writing if the contract to be made on behalf of the principal is required to be in writing. | fiduciary | As a noun, a person having a duty created by his or her undertaking to act primarily for another’s benefit in matters connected with the undertaking. As an adjective, a relationship founded on trust and confidence. | independent contractor...

Words: 2438 - Pages: 10

Free Essay

Property Law

...1) Exclusive Possession a) The Right to Exclude Others, pp 1-38 i) Overview (1) The private landowner’s right to exclude others from his or her land is “one of the most essential sticks in the bundle of rights that are commonly characterized as property. ii) Policy in favor of private property (1) Things held in common are usually neglected (2) There is a fundamental property right that goes beyond monetary damages iii) Property Rights are not Absolute (1) Apply a balancing test of property and societal interest (a) One may trespass to put out a fire (2) Property rights are diminished when others are invited onto land (3) The more an owner, for his advantage, opens up his property for use by the public in general, the more do his rights become circumcised by the statutory and constitutional rights of those who use it. (4) If property is open to the general public then the First Amendment supercedes property rights on it. (a) These protections are available against unreasonably restrictive or oppressive conduct on the part of private entities that have otherwise assumed a constitutional obligation no to abridge the individual exercise of such freedoms because of public use of their property. (b) The NJ court said that the right of free speech conferred by the state constitution was secure not only from State interference but – under certain conditions – from the interference of an owner of private property even when exercised on that private property. (i) Schmid...

Words: 24978 - Pages: 100

Free Essay

Agrarian Reform

...AGRARIAN REFORM CURRENT ANG HISTORICAL PROBLEMS BRIEF HISTORICAL BACKGROUND OF AGRARIAN REFORM * Historically, agrarian-related remedies extended by past regimes and administrators proved to be totally unable to fulfill the promise of alleviating the quality of life of the landless peasants. * The land laws have invariably contained provisions that enabled powerful landowners to circumvent the law, or even use the law to sustain and further strengthen their positions in power. 1. Pre-Spanish Era - Land was not unequally distributed before the Spaniards came to the Philippines. - The notion of private property was unknown then. - The community (barangay) owned the land. 2. Spanish Period (1521-1898) - One of the major initial policies of the governorship of Legazpi was to recognize all lands in the Philippines as part of public domain regardless of local customs. - As such, the crown was at liberty to parcel out huge tracts of Philippine lands as rewards to loyal civilian and military as rewards. * In effect, communal ownership of land gradually and slowly took the backseat. * Private ownership of land was introduced. * With this arrangement, every municipal resident was given his choice of the land for cultivation, free from tax. * Large tracts of uncultivated lands not circumscribed within a given municipality were granted by the Spanish monarch to deserving Spaniards. * This kind of ownership became known as the encomienda...

Words: 2342 - Pages: 10

Premium Essay

Philippine Agrarian Reform Programs

...landowners’ loansto tenants at not more than 6%. 5. Manuel Roxas (1946-1948)• President Roxas also negotiated for the purchase of 8,000 hectares of lands in Batangas owned by the Ayala-Zobel family. These were sold to landless farmers. 6. Elpidio Quirino (1948-1953) What was the major program of the Quirino administration regarding agrarian reform?•Through Executive Order No. 355, the LandSettlement Development Corporation(LASEDECO) was established to accelerate andexpand the peasant resettlement A ii ii Bureau ofAgrarian Reform Information and Educationprogram of the government. However, due tolimited post-war resources, the program was notsuccessful. 7. Ramon Magsaysay (1953-1957) Did President Magsaysay pursue land reform during his term?•Yes, President Magsaysay realized theimportance of pursuing a more honest-togoodnessland reform program. He convinced the elitecontrolled congress to pass several legislation toimprove the land reform situation, to wit: 8. Ramon Magsaysay...

Words: 2008 - Pages: 9