1. Renting an Apartment Ch. 9

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

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

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

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

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

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

8. 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

9. 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

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

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

12. Buying a Home Chapter 9-2

13. 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

14. 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

15. 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

16. 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.

17. 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

18. 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