Chapter 5: Leasehold Estates

Leasehold Estate

Type of property ownership that involves a Tenant and Landlord

Landlord/Lessor

Party granting lease

Tenant/Lessee

Party whom lease is granted

Revisionary Right

Landlords right to own property after tenants lease ends

Estate of years

Estate that has a starting and ending date

Periodic Estate

Estate that is automatically renewed at the end of the lease period

Estate at Will

Estate with no documents, or rental period. Can be ended at any point with notice

Tenancy at Sufferance

Estate that a tenant is in possession of beyond lease term. Turns into periodic estate if paid

NY Housing Stability and Tenant Protection Act of 2019

Law passed that protected Tenants, no application fee over $20. Security deposit must be paid within 14 days, previous evictions cannot get you evicted