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Property Law
Governs the legal relationships between people with respect to things, both tangible and intangible.
Possession
Physical control over an object; does not equate to ownership.
Ownership
Legal right to control and use a property.
Bundle of Sticks
Metaphor for the different rights associated with property ownership including possession, use, and transfer.
Leasehold
Legal interest in a property granted to a tenant through a lease agreement.
Tenancy for a Term of Years
Lease with a fixed start and end date that ends automatically.
Periodic Tenancy
Lease that automatically renews unless proper notice is given.
Tenancy at Will
Lease that endures at the desire of either party, terminates on death or assignment.
Tenancy at Sufferance
Occurs when a tenant holds over after lease expiration without permission.
American Rule
Landlord only owes an implied obligation to deliver legal right of possession, not actual physical possession.
English Rule
Landlord must deliver actual physical possession of the property on Day 1 of the lease term.
Privity of Contract (POC)
Legal relationship created by the contractual promises between original parties.
Privity of Estate (POE)
Legal relationship based on a direct property connection between landlord and possessor.
Assignment
Transfer of a tenant's entire remaining interest in a lease.
Sublease
Transfer of less than the tenant's full interest in a lease.
Consent Clause
Provisions in a lease requiring landlord approval for transfer of interests.
Tenant Default
Failure by the tenant to meet lease obligations such as non-payment of rent.
Self-Help Rule
Traditional rule allowing landlords to claim possession without going through courts, now largely prohibited.
Statutory Judicial Procedures
Legal processes mandated for landlords to evict defaulting tenants.
Breach of Lease
Violation of the terms set forth in a lease agreement.