Chapter 6 Leases and Landlord Tenant Relations1 New Jersey Real Estate for Salespersons and Brokers By Marcia Darvin Spada Thomson/South-Western Copyright, 2006
Chapter 6 Leases and Landlord Tenant Relations2 Chapter 6 Leases and Landlord-Tenant Relations
Chapter 6 Leases and Landlord Tenant Relations3 Chapter 6 Key Terms Actual eviction/ Constructive eviction/ Eviction Graduated lease Gross lease/net lease Ground lease Index lease Lease Lessee/lessor New Jersey Truth- In-Lending Act Percentage lease Security deposit Sublease
Chapter 6 Leases and Landlord Tenant Relations4 Leasehold-Possession of Leased Property Estate for Years a fixed term Periodic Estate renews after a period of time Estate at Will terminated by informal agreement Estate at Sufferance possession after agreement has terminated
Chapter 6 Leases and Landlord Tenant Relations5 Standard Residential Lease Provisions The Lease Capacity to contract Competent, sane adults Demising clause Transfer of possession Description of premises Term of lease No required limit Specification of rent/payment In writing Statute of Frauds Attorney Review Clause
Chapter 6 Leases and Landlord Tenant Relations6 Termination of a Lease ReasonExplanation AbandonmentTenant leaves Death of property owner Owner can only evict family or other residents with cause Actual eviction (Self-help) Illegal forced eviction Constructive eviction Withholding of rent if services not provided EvictionLegal proceeding to evict Lease ExpirationPeriodic or estate for years Mutual agreementBoth parties agree
Chapter 6 Leases and Landlord Tenant Relations7 Sublease and Assignment Sublease Sublessee pays tenant Tenant pays landlord Tenant owes rent Assignment Assignee owes rent Assignee pays landlord Lease transfers to assignee
Chapter 6 Leases and Landlord Tenant Relations8 Gross and Net Leases Gross lease-owner pays all expenses Net lease-tenant pays some or all of expenses
Chapter 6 Leases and Landlord Tenant Relations9 Types of Leases Percentage Ground Index Graduated