Renting an Apartment Ch. 9

Terms to Know: »Tenant - renter - lessee »Landlord - rents property - lessor »Lease - contract

Types of Tenancies »Tenancy for Years »Occupy for specified time period »Read example

Types of Tenancies »Periodic Tenancy »Occupy for fixed time periods »Must give notice or renews itself »Read Example

Types of Tenancies »Tenancy at Will »Occupy for indefinite period of time »Ends when one party gives 30 days notice. »Read Example

Types of Tenancies »Tenancy at Sufferance »Tenant lives there after lease is up »Illegal tenant »Must continue to pay rent »Read Example

Lease Rights »Tenant - possession and continues occupancy free from interruption »Landlord - receive rent and get property back in good condition.

Lease Duties Tenant »Pay rent »Obey lease rules »Not damage/destroy property »Fixtures - Landlords »Trade Fixtures - tenants »Read Examples Landlord »Can’t discriminate »Maintain property »Not bother tenant

Terms »Security Deposit - money to pay for damages, etc… »Assignment - transfer remainder of lease to another party »Subletting - transfer part of (but not remainder) the lease to another party

Types of Eviction »Eviction - tenant breaches duty »Constructive Eviction - landlord breaches duty

Tort Liability »Who’s responsible if someone gets injured? »Common Area - Landlord »Private Area - Tenant

Buying a Home Chapter 9-2

Ownership »Deed - transfer title of ownership »Mortgage - loan taken out to pay for a house - must be repaid. »Lien - legal claim against another person’s property because of debt »Eminent Domain - government can take private property for a public purpose

Types of Co-ownership »Tenancy in Common »Each owners share goes to heirs upon death »Joint Tenancy »Each owners share goes to other co-owner upon death

Types of Co-ownership »Community Property »Property acquired by either spouse during marriage »Each gets half (9 states) »Tenancy by the Entirety »Property held by husband and wife »Need other’s consent to transfer property

Types of Co-ownership »Tenancy in Partnership »Partners have right to use property for partnership purposes »Upon death, heirs inherit an interest but not the real property.

Limitations on Property Use »Zoning »Eminant Domain - government can take private property for a public purpose »Adverse Possession - someone who lived on a property for over 20 years can claim ownership

Limitations on Property »Mortgage - loan taken out to pay for a house - must be repaid. »Lien - legal claim against another person’s property because of debt »License - temporary, revocable right to limited use of another’s land »Easement - irrevocable right to limited use of another’s land