Tenancy for Years

A lease is a contractual relationship between a tenant, also known as a lessee, who acquires the right to use the propertyreal estate contract

Names of the parties who are entering the agreement

The starting date as well as the duration of the tenancy

Specifying the property by address

Stating the conditions regarding renewal

Method of payment

Specifics regarding the security deposit and the conditions for its return

Statutes, default conditions and specific remedies

Details regarding insurance, restrictive use, and responsibilities for maintenance.

There are many different forms of leasing, one form which is quite common is a tenancy for years, also known as a fixed-term tenancy. In this form of leasing, the beginning date of the tenancy, and the end date, are both predetermined. The duration could be a week, all the way up to a couple years, it varies based on the agreement made between the lessee and lessor. The end date does not have to necessarily be determined when the exception of this type of tenancy comes into play. The exception revolves around the occurring of an event.

For example, if Pavel is the lessor, and Nikolai is the lessee, in the lease, Pavel can state that the tenancy exists until he returns from the hockey World Cup in which the return is not yet determined, or he can state that the termination date will occur in the winter, due to the small ice rink he is creating in the backyard. As long as this is all stated within the lease, it is enforceable. The lease automatically expires on the date of termination or on the happening of the specific event, there is no process needed to satisfy the termination of the lease.

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