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Chapter 25 - Landlord and tenant. In this chapter, the learning objectives are: Recognize various legal principles applicable to landlord–tenant relationships; describe nature of leases and tenancies; discuss rights, duties, and liabilities or both landlord and tenant; explain lease termination. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5 Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law Property P A R T Landlord and Tenant P A E T R H C 25 Justice, though she’s painted blind, is to the weaker side inclined. Samuel Butler Learning Objectives Recognize various legal principles applicable to landlord–tenant relationships Describe nature of leases and tenancies Discuss rights, duties, and liabilities or both landlord and tenant Explain lease termination Typical lease today is for commercial or residential purposes Primarily a contractual relationship Bargaining position generally favors landlord Duration of tenant’s possessory right depends upon type of tenancy: tenancy for a term, periodic tenancy, tenancy at will, or tenancy at sufferance Leases Today A lease is a contract under which an owner of property, the landlord (also called the lessor), conveys to the tenant (also | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 5 Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law Property P A R T Landlord and Tenant P A E T R H C 25 Justice, though she’s painted blind, is to the weaker side inclined. Samuel Butler Learning Objectives Recognize various legal principles applicable to landlord–tenant relationships Describe nature of leases and tenancies Discuss rights, duties, and liabilities or both landlord and tenant Explain lease termination Typical lease today is for commercial or residential purposes Primarily a contractual relationship Bargaining position generally favors landlord Duration of tenant’s possessory right depends upon type of tenancy: tenancy for a term, periodic tenancy, tenancy at will, or tenancy at sufferance Leases Today A lease is a contract under which an owner of property, the landlord (also called the lessor), conveys to the tenant (also called the lessee) the exclusive right to possess property for a period of time. The property interest conveyed to the tenant is called a leasehold estate. Characteristics of Lease Types See page 647 for full version of Concept Review. Landlord’s Rights Landlord entitled to receive agreed rent for the term of the lease and upon termination, landlord has the right to the return of property in as good a condition as it was when leased, except for normal wear and tear Landlord may demand security or other deposits A security deposit is primarily for assurance of rental payment, but other deposits – pet damage, for instance – may be required. Generally, these deposits are enforceable. Landlord’s Duties -- Warranties Implied warranty of possession guarantees tenant’s right to possess the property for the term of the lease Implied warranty of quiet enjoyment guarantees that a landlord’s act or omission will not interfere with tenant’s possession Landlord may not enter leased property
