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Real Estate Leases

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.

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Real Estate Leases

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  1. Chapter 16 Real Estate Leases

  2. In This Chapter You will look at leases from the standpoint of the tenant, owner, and property manager.

  3. Leasehold Estate • Lessee = Tenant • Lessor = Owner = Landlord • Reversion - right of owner to retake the property at end of leased period.

  4. 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

  5. Valid Lease • Lessor & Lessee • Description of premises • Agreement to convey & accept possession • Rent payment provisions • Start date and duration of lease • Signature of parties to lease

  6. 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.

  7. Lease

  8. 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.

  9. 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

  10. Lease Terms • Option clause • Assignment • Subletting • Ground lease • Lease termination • Eviction – Forcible Entry and Detainer • 3 days written notice • Justice of Peace Court

  11. Key Terms • Quiet enjoyment • Reversionary interest • Sublease • Sublessee • Sublessor • Escalation clause • Ground rent • Lessee • Lessor • Option clause

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