Leases/Property Management

Property Manager

Oversees the management of a number of properties for various owners.

Building Manager

Involved in the management of one building.

Resident Manager

Represents a property management firm, may live on the premises of the building that they manage.

Estate for Years

A lease valid for any fixed period of time, not just for years.

Periodic Tenancy

A lease that is not limited to a specific term, but continues from period to period, as agreed by the parties.

Tenancy at Will

A lease with no specific termination date and no regular rental period. Sometimes no rent is paid, or rent is not based on time.

Capacity

Enforceable for a valid contract. Competent, age majority.

Offer

Required for a valid contract. Intent to contract, definite terms for completion.

Acceptance

Required for a valid contract. No alteration of terms, meeting of the minds.

Consideration

Required for a valid contract. Each party must give something of value.

Lawful and Possible Objective

Enforceable for a valid contract. Illegal provisions may be severable.

Must Be in Writing

Enforceable for a valid contract. If contract is for more than one year.

Gross Lease

Tenant pays fixed amount of rent and landlord pays the expenses. Typical for residential.

Net Lease

Tenant pays expenses, taxes, insurance, maintenance. In addition to a fixed rent. Typical for commercial.

Percentage Lease

Tenant pays a percentage of gross sales that the business earns from the property as rent. Typical in commercial.

Ground Lease

A long term lease of land. During the term of the lease, the tenant usually operates the property as though it were tenant owned and may construct buildings on it. 

Variable Lease

Rent changes periodically during the lease term. The amount of change could be specified in the lease or depend on an outside index.

Surrender

Giving up an estate before it expires. Both parties must agree, and tenant owes no more rent.

Destruction

The lease is frustrated if a building is damaged or destroyed. Tenancy ends with no more rent due. 

Eviction

Disposing or expelling someone from real property.

Abandonment

Failure to occupy and use real property.