Leases - California One

By
Mortgage and Lending with Nationwide Funding Group

 

 

A lease is defined as a contract between an owner (lessor or landlord) and a lessee (tenant) which gives the tenant a tenancy. Tenancy is an arragement, by another (tenant) to take exclusive possession of land in consideration for rent. Tenancy is also known as the interest of a person holding property by any right or title. Under the normal framework of a lease, the tenant takes possession and use of a property in return for rent payment. The lease is usually a written agreement which actually transfers the right to exclusive possession and use of real estate for a definite time period. Another name for the lease is a rental agreement.

The lessor (landlord) owns the property and signs the lease to give possession and use to the lessee (tenant). The lessor keeps the right to retake possession of the property after the lease term expires. The right of the landlord to reclaim the property is known as the reversionary right. In interest of the lessor is called a leased fee estate. The lessee (tenant) has the use, possession and the right of quiet enjoyment of the property for the duration of the lease. The lessee`s interest is known and called a less-than-freehold estate in real property.

 

Eddy Martinez

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