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Examine the Parties Involved in the Agreement and the Different Types of Leases - Essay Example

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Name: University: Course: Tutor: Date: Examine the parties involved in the agreement and the different types of leases. Explore the rights and duties of the parties and lease termination. Introduction In order to understand different forms of tenancy, it is necessary to understand each of the concepts and terminologies used in tenancies…
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Examine the Parties Involved in the Agreement and the Different Types of Leases
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Download file to see previous pages In this regard, this right to occupy and use the property of another person is regarded as lease. With regard to these deliberations, in order for the two parties to have come to a conclusion that the landlord will allow the tenant to occupy the property and for the tenant to accept to occupy the property, the term lease agreement comes in. A lease agreement is the document that forms the basis of the landlord-tenant relationship by protecting all parties but gives final control to the landlord. A lease agreement is the document that outlines the foundation of the landlord-tenant relationship by protecting all parties but gives final control to the landlord. Upon entering into a lease agreement, both the landlord and the tenant must abide by the terms of the form of the tenancy. The lease agreement should clearly stipulate on the rights and duties expected to be fulfilled by the both parties (Sigismond, and Goldman, 495). In this regard, the rights and duties of the parties will be articulated upon under each form of tenancy in the succeeding paragraphs. Additionally, there are different termination circumstances and provisions of how each of the tenancies can be terminated. These will also be focused under each form of tenancy. ...
uration of the tenancy, although some preparations were made on how payments would be made at certain intervals or after a given specific duration of time. The real estate law stipulates that periodic tenancy involves an arrangement between the occupant and the owner, and that the landlord permits the tenant to occupy a property on a periodical basis (Jennings, 181). Tenancy may be designed on a weekly, monthly or on an annual basis (Battle, 68). Alternatively, though not common and not formal, the landlord and the tenant may agree on another set of period. A tenancy can take place for either residential or commercial properties. Nevertheless, this kind of tenancy arises and most commonly takes place after a formal written lease has expired. Each of the two parties involved in periodic tenancy has rights and duties, which must be adhered to. The landlord is entitled to a right to obtain payment on time. It is also the right of the landlord to expect that his/her property will not be subjected to any form of damage or used for illegal purposes. The land lord is also entitled to receiving compensation or payment for damages that the tenant may have caused during their stay in the property (Miller and Jentz, 647). On the other hand, the tenant has the right to “quiet enjoyment” during his/her stay in the rented premises. Tenant has also the right to receive a written notice as stipulated by law. It is also the right of the tenant to receive the full amount given as deposit. In addition, the landlord is expected to provide timely repairs to the premises after being informed by the tenant (Jennings, 181). Termination of periodic tenancy normally occurs, when one part offers the other with proper termination notice. It is also argued that the notice needs to be equal to ...Download file to see next pagesRead More
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