Revised 7-30-08 Chapter 17 Slide # 1 Copyright – David A. McGowan All rights reserved Chapter 17 LEASES (Page 330) Landlord Property owner Lessor Tenant.

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Presentation transcript:

Revised Chapter 17 Slide # 1 Copyright – David A. McGowan All rights reserved Chapter 17 LEASES (Page 330) Landlord Property owner Lessor Tenant Occupant Lessee

Revised Chapter 17 Slide # 2 STATUTE OF FRAUDS & LEASES (Page 330) Copyright – David A. McGowan All rights reserved Verbal leases of 1 year or less are enforceable Leases w/terms MORE THAN 1 year must be written to be enforceable.

Revised Chapter 17 Slide # 3 Copyright – David A. McGowan All rights reserved LEASEHOLD ESTATES (Page 330) Estate for Years Estate from Period to Period Estate at Will Estate at Sufferance Types of estates

Revised Chapter 17 Slide # 4 Copyright – David A. McGowan All rights reserved ESTATE FOR YEARS (Page 341) Definite period of time No notice of termination required Lessee expected to vacate upon expiration

Revised Chapter 17 Slide # 5 Copyright – David A. McGowan All rights reserved PERIODIC TENANCY (Page 331) AKA Estate from Period to Period Periodic Estate Indefinite duration Notification of termination required

Revised Chapter 17 Slide # 6 Month to month Any periodic estate having a term of less than year to year but greater than week to week, 30 days’ written notice is required Year to year At least a 60 day written notice is required at any time within the four months prior to the last 60 days of the lease term Copyright – David A. McGowan All rights reserved TERMINATION of PERIODIC TENANCY (Page 332)

Revised Chapter 17 Slide # 7 TENANCY AT WILL (Page 343) Right to use the property Indefinite period of time Frequently interpreted as a periodic estate Copyright – David A. McGowan All rights reserved

Revised Chapter 17 Slide # 8 TENANCY AT SUFFERENCE (Page 343) Retains possession without consent Tenant fails to pay rent Illinois – willful withholding of possession causes double rent Copyright – David A. McGowan All rights reserved

Revised Chapter 17 Slide # 9 Copyright – David A. McGowan All rights reserved REQUIREMENTS OF A VALID LEASE (Page 344) Offer and acceptance Consideration Capacity to contract Legal objectives

Revised Chapter 17 Slide # 10 Copyright – David A. McGowan All rights reserved Maintained in a Special Account Notice of repairs required Interest on Security Deposit Security Deposit (Page 347)

Revised Chapter 17 Slide # 11 Copyright – David A. McGowan All rights reserved ASSIGNMENT (Page 349) Substituting one tenant for another Tenant 2 Tenant 1 Landlord

Revised Chapter 17 Slide # 12 SUBLETTING (Page 349) Tenant 1 subleasing directly to Tenant 2 Landlord (Lessor) Tenant 1 (Lessee) (Sublessor) Tenant 2 (Sublessee)

Revised Chapter 17 Slide # 13 Copyright – David A. McGowan All rights reserved TYPES OF LEASES (Page 351) Gross Lease Ground Lease Lease Purchase

Revised Chapter 17 Slide # 14 NET LEASE (Page 351) 20,000 sq $23.00 / sq ft Calculations

Revised Chapter 17 Slide # 15 PERCENTAGE LEASE (Page 351) Calculations

Revised Chapter 17 Slide # 16 Copyright – David A. McGowan All rights reserved BREACH OF LEASE (Page 353) Actual eviction Constructive eviction

Revised Chapter 17 Slide # 17 Copyright – David A. McGowan All rights reserved RENTAL INDUSTRY (Page 355) Rental-Finding Services Leasing Agents Referral Fees