South Carolina Unit 1, Level 20: Leasehold Interests

estate for years

a lease with a specific starting and ending date; also called a tenancy for years

actual eviction

the legal process by which someone is expelled from a property and prevented from re-entry

suit for possession

a legal action brought by a landlord to evict a tenant

escalation clause

a clause in a lease allowing payments to increase in relation to a specified factor or index

estate at sufferance

a tenant's occupancy of a property beyond their lease's terms and without the landlord's consent

estate at will

a tenant's occupancy of a property with the landlord's consent

graduated lease

a lease in which the rental rate increases over time in specific increments

gross lease

a lease in which the tenant will be responsible for the payment of a fixed monthly charge, while the landlord is responsible for paying all operating expenses; a.k.a. full service lease

ground lease

the lease of bare, undeveloped land; a.k.a. land lease

lease

a contract in which one party conveys property to another for a specific predetermined period of time, generally in return for periodic payment

leasehold interest

an interest in the occupation of a property

lessee

the party to whom the lease is granted; a.k.a. tenant

lessor

the party granting the lease; a.k.a. landlord

net lease

a lease in which the tenant pays a base rent rate plus all or part of the operating expenses

percentage lease

type of (usually commercial) lease in which the tenant pays a base rent amount and a percentage of their business profits to the landlord

periodic estate

a leasehold estate which automatically renews until canceled by either party

proprietary lease

long-term and exclusive lease given to resident and stock owner of a cooperative

triple-net lease

a type of lease requiring the tenant to pay a prorated portion of ALL the operating expenses for the property

sublease

a tenant's transfer of part of their right of possession in a leased property to another person for a period of the lease term

constructive eviction

the termination of a lease in circumstances in which the landlord defaults and acts, or fails to act, in such a way that the premises become unusable

demise

transfer by lease

ejectment

process by which a property owner removes an occupant from a property; the equivalent of eviction for non-tenants

eviction

forced removal of a tenant due to a default under the terms of the lease