A lease is a contractual arrangement calling for the lessee to pay the lessor for use of an asset. Property and vehicles are common assets that are leased. Industrial or business equipment is leased. Broadly put, a lease agreement is a contract between the lessor and the lessee; the lessor is the legal owner of the asset. The lessee agrees to abide by various conditions regarding their use of the property or equipment. For example, a person leasing a car may agree; the narrower term rental agreement can be used to describe a lease in which the asset is tangible property. Language used is that the user rents goods let out or rented out by the owner; the verb to lease is less precise. Examples of a lease for intangible property are use of a computer program, or use of a radio frequency; the term rental agreement is sometimes used to describe a periodic lease agreement internationally and in some regions of the United States. A lease is a legal contract, thus enforceable by all parties under the contract law of the applicable jurisdiction.
In the United States, since it represents a conveyance of possessory rights to real estate, it is a hybrid sort of contract that involves qualities of a deed. Some specific kinds of leases may have specific clauses required by statute depending upon the property being leased, and/or the jurisdiction in which the agreement was signed or the residence of the parties. Common elements of a lease agreement include: Names of the parties of the agreement; the starting date and duration of the agreement. Identifies the specific object being leased. Provides conditions for renewal or non-renewal. Has a specific consideration for granting the use of this object. Has provisions for a security deposit and terms for its return. May have a specific list of conditions which are therein described as Default Conditions and specific Remedies. May have other specific conditions placed upon the parties such as: Need to provide insurance for loss. Restrictive use. Which party is responsible for maintenance. Termination clause All kinds of personal property or real property may be leased.
As a result of the lease, the owner grants the use of the stated property to the lessee. The narrower term ` tenancy' describes a lease. A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease in order to secure a low rent, in long leases termed a ground rent. For parts of buildings it is most common for users to pay by collateral contract, or by the same contract, a service charge, an express list of services in a lease to minimize disputes over service charges. A gross lease or tenancy stipulates a rent, for the global amount due including all service charges. A cancelable lease is a lease that may be terminated by the lessee or by the lessor without penalty. A mutually determinable lease can be determined by either. A non-cancelable lease is a lease. “lease” may imply a non-cancelable lease, whereas “rental agreement” may connote a cancelable lease. Influenced by land registration tenancies granted for more than a year are referred to more as leases.
The lease will either provide specific provisions regarding the responsibilities and rights of the lessee and lessor, or there will be automatic provisions as a result of local law. In general, by paying the negotiated fee to the lessor, the lessee has possession and use of the leased property to the exclusion of the lessor and all others except with the invitation of the tenant; the most common form of real property lease is a residential rental agreement between landlord and tenant. As the relationship between the tenant and the landlord is called a tenancy, this term is used for informal and shorter leases; the right to possession by the tenant is sometimes called a leasehold interest. A lease can be for a fixed period of time. A lease may be terminated sooner than its end date by: Break/cancellation A negotiated deed of surrender or yielding-up. Forfeiture By operation of statute A lease should be contrasted with a license, which may entitle a person to use property, but, subject to termination at the will of the owner of the property.
An example of a licensor/licensee relationship is a parking lot owner and a person who parks a vehicle in the parking lot. A license may be seen in the form of a ticket to a baseball game or a verbal permission to sleep a few days on a sofa; the difference is that if there is a term, a degree of privacy suggestive of exclusive possession of a defined part, practised ongoing, recurrent payments, a lack of right to terminate save for misconduct or nonpayment, these factors tend toward a lease.
Law is a system of rules that are created and enforced through social or governmental institutions to regulate behavior. It has been defined both as "the Science of Justice" and "the Art of Justice". Law is a system that regulates and ensures that individuals or a community adhere to the will of the state. State-enforced laws can be made by a collective legislature or by a single legislator, resulting in statutes, by the executive through decrees and regulations, or established by judges through precedent in common law jurisdictions. Private individuals can create binding contracts, including arbitration agreements that may elect to accept alternative arbitration to the normal court process; the formation of laws themselves may be influenced by a constitution, written or tacit, the rights encoded therein. The law shapes politics, economics and society in various ways and serves as a mediator of relations between people. A general distinction can be made between civil law jurisdictions, in which a legislature or other central body codifies and consolidates their laws, common law systems, where judge-made precedent is accepted as binding law.
Religious laws played a significant role in settling of secular matters, is still used in some religious communities. Islamic Sharia law is the world's most used religious law, is used as the primary legal system in some countries, such as Iran and Saudi Arabia; the adjudication of the law is divided into two main areas. Criminal law deals with conduct, considered harmful to social order and in which the guilty party may be imprisoned or fined. Civil law deals with the resolution of lawsuits between individuals and/or organizations. Law provides a source of scholarly inquiry into legal history, economic analysis and sociology. Law raises important and complex issues concerning equality and justice. Numerous definitions of law have been put forward over the centuries; the Third New International Dictionary from Merriam-Webster defines law as: "Law is a binding custom or practice of a community. The Dictionary of the History of Ideas published by Scribner's in 1973 defined the concept of law accordingly as: "A legal system is the most explicit, institutionalized, complex mode of regulating human conduct.
At the same time, it plays only one part in the congeries of rules which influence behavior, for social and moral rules of a less institutionalized kind are of great importance." There have been several attempts to produce "a universally acceptable definition of law". In 1972, one source indicated. McCoubrey and White said that the question "what is law?" has no simple answer. Glanville Williams said that the meaning of the word "law" depends on the context in which that word is used, he said that, for example, "early customary law" and "municipal law" were contexts where the word "law" had two different and irreconcilable meanings. Thurman Arnold said that it is obvious that it is impossible to define the word "law" and that it is equally obvious that the struggle to define that word should not be abandoned, it is possible to take the view that there is no need to define the word "law". The history of law links to the development of civilization. Ancient Egyptian law, dating as far back as 3000 BC, contained a civil code, broken into twelve books.
It was based on the concept of Ma'at, characterised by tradition, rhetorical speech, social equality and impartiality. By the 22nd century BC, the ancient Sumerian ruler Ur-Nammu had formulated the first law code, which consisted of casuistic statements. Around 1760 BC, King Hammurabi further developed Babylonian law, by codifying and inscribing it in stone. Hammurabi placed several copies of his law code throughout the kingdom of Babylon as stelae, for the entire public to see; the most intact copy of these stelae was discovered in the 19th century by British Assyriologists, has since been transliterated and translated into various languages, including English, Italian and French. The Old Testament dates back to 1280 BC and takes the form of moral imperatives as recommendations for a good society; the small Greek city-state, ancient Athens, from about the 8th century BC was the first society to be based on broad inclusion of its citizenry, excluding women and the slave class. However, Athens had no legal science or single word for "law", relying instead on the three-way distinction between divine law, human decree and custom.
Yet Ancient Greek law contained major constitutional innovations in the development of democracy. Roman law was influenced by Greek philosophy, but its detailed rules were developed by professional jurists and were sophisticated. Over the centuries between the rise and decline of the Roman Empire, law was adapted to cope with the changing social situations and underwent major codification under Theodosius II and Justinian I. Although codes were replaced by custom and case law during the Dark Ages, Roman law was rediscovered around the 11th century when medieval legal scholars began to research Roman codes and adapt their concepts. Latin legal maxims were compiled for guidance. In medieval England, royal
An apartment, flat or unit is a self-contained housing unit that occupies only part of a building on a single storey. There are many names for these overall buildings; the housing tenure of apartments varies from large-scale public housing, to owner occupancy within what is a condominium, to tenants renting from a private landlord. Both words refer to a self-contained residential unit with its own front door, kitchen and bathroom. In some parts of the world, the word apartment refers to a purpose-built unit in a building, whereas the word flat means a converted unit in an older building a big house. In other places the terms are interchangeable; the term apartment is favored in North America. In the UK, the term apartment is more usual in professional real estate and architectural circles where otherwise the term flat is used but not for an apartment on a single level. In some countries the word "unit" is a more general term referring to both apartments and rental business suites; the word'unit' is used only in the context of a specific building.
"This building has three units" or "I'm going to rent a unit in this building", but not "I'm going to rent a unit somewhere". Some buildings can be characterized as'mixed use buildings', meaning part of the building is for commercial, business, or office use on the first floor or first couple of floors, one or more apartments are found in the rest of the building on the upper floors. Tenement law rents, it may be found combined as in "Messuage or Tenement" to encompass all the land and other assets of a property. In the United States, some apartment-dwellers own their units, either as co-ops, in which the residents own shares of a corporation that owns the building or development. Most apartments are in buildings designed for the purpose, but large older houses are sometimes divided into apartments; the word apartment denotes a residential section in a building. In some locations the United States, the word connotes a rental unit owned by the building owner, is not used for a condominium. In England and Wales, some flat owners own shares in the company that owns the freehold of the building as well as holding the flat under a lease.
This arrangement is known as a "share of freehold" flat. The freehold company has the right to collect annual ground rents from each of the flat owners in the building; the freeholder can develop or sell the building, subject to the usual planning and restrictions that might apply. This situation does not happen in Scotland, where long leasehold of residential property was unusual, is now impossible. Bachelor apartment, one-bedroom, etc.. Apartment buildings are multi-story buildings where three or more residences are contained within one structure; such a building may be called an apartment building, apartment complex, flat complex, block of flats, tower block, high-rise or mansion block if it consists of many apartments for rent. A high-rise apartment building is referred to as a residential tower, apartment tower, or block of flats in Australia. A high-rise building is defined by its height differently in various jurisdictions, it may be only residential, in which case it might be called a tower block, or it might include other functions such as hotel, offices, or shops.
There is no clear difference between a tower block and a skyscraper, although a building with fifty or more stories is considered a skyscraper. High-rise buildings became possible with the invention of the elevator and cheaper, more abundant building materials, their structural system is made of reinforced concrete and steel. A low-rise building and mid-rise buildings have fewer storeys. Emporis defines a low-rise as "an enclosed structure below 35 metres, divided into regular floor levels." The city of Toronto defines a mid-rise as a building between 12 stories. In American English, the distinction between rental apartments and condominiums is that while rental buildings are owned by a single entity and rented out to many, condominiums are owned individually, while their owners still pay a monthly or yearly fee for building upkeep. Condominiums are leased by their owner as rental apartments. A third alternative, the cooperative apartment building, acts as a corporation with all of the tenants as shareholders of the building.
Tenants in cooperative buildings do not own their apartment, but instead own a proportional number of shares of the entire cooperative. As in condominiums, cooperators pay a monthly fee for building upkeep. Co-ops are common in cities such as New York, have gained some popularity in other larger urban areas in the U. S. In British English the usual word is "flat", but apartment is used by property developers to denote expensive'flats' in exclusive and expensive residential areas in, for example, parts of London such as Belgravia and Hampstead. In Scotland, it is called a block of flats or, if it is a traditional sandstone building, a tenement, a term which has a negative connotation elsewhere. Australian English and New Zealand Engli
A landlord is the owner of a house, condominium, land or real estate, rented or leased to an individual or business, called a tenant. When a juristic person is in this position, the term landlord is used. Other terms include owner; the term landlady may be used for female owners, lessor may be used regardless of gender. The manager of a UK pub speaking a licensed victualler, is referred to as the landlord/lady; the concept of a landlord may be traced back to the feudal system of manoralism, where a landed estate is owned by a Lord of the Manor members of the lower nobility which came to form the rank of knights in the high medieval period, holding their fief via subinfeudation, but in some cases the land may be directly subject to a member of higher nobility, as in the royal domain directly owned by a king, or in the Holy Roman Empire imperial villages directly subject to the emperor. The medieval system continues the system of villas and latifundia of the Roman Empire. In modern times, landlord describes any individual or entity providing housing for persons who cannot afford or do not want to own their own homes.
They may be peripatetic, stationed on a secondment away from their home, not want the risk of a mortgage and/or negative equity, may be a group of co-occupiers unwilling to enter into the ties of co-ownership, or may be improving their credit rating or bank balance to obtain a better-terms future mortgage. Renters at the lowest end of the payment scale may be in social or economic difficulty and due to their address or length of tenure may suffer a social stigma. A sometimes promoted social stigma can impact certain for-profit owners of rental property in troubled neighborhoods; the term "slumlord" / "slum landlord" is sometimes used to describe landlords in those circumstances. Public improvement money/private major economic investment can negate the stigma. In the extreme government compulsory purchase powers in many countries enable slum clearance to replace the worst of neighbourhoods. Examples: In Minneapolis, downmarket landlords vocally and financially opposed a major reform and redevelopment plan of city officials and, in the 2001 election, succeeded in defeating the incumbent mayor and half the city council.
Peter Rachman was a landlord who operated in Notting Hill, London in the 1950s and until his 1962 death. He became notorious for exploitation of his tenants, with the word "Rachmanism" entering the Oxford English Dictionary, his henchmen included Michael de Freitas, who created a reputation as a black-power leader, Johnny Edgecombe, who became a promoter of jazz and blues, which helped to keep him in the limelight. A rental agreement, or lease, is the contract defining such terms as the price paid, penalties for late payments, the length of the rental or lease, the amount of notice required before either the homeowner or tenant cancels the agreement. In general, responsibilities are given as follows: the homeowner is responsible for making repairs and performing property maintenance, the tenant is responsible for keeping the property clean and safe. Many owners hire a property management company to take care of all the details of renting their property out to a tenant; this includes advertising the property and showing it to prospective tenants and preparing the written leases, once rented, collecting rent from the tenant and performing repairs as needed.
In the United States, residential homeowner–tenant disputes are governed by state law regarding property and contracts. State law and, in some places, city law or county law, sets the requirements for eviction of a tenant. There are a limited number of reasons for which a landlord or landlady can evict his or her tenant before the expiration of the tenancy, though at the end of the lease term the rental relationship can be terminated without giving any reason; some cities and States have laws establishing the maximum rent a landlord can charge, known as rent control, or rent regulation, related eviction. There is an implied warranty of habitability, whereby a landlord must maintain safe and habitable housing, meeting minimum safety requirements such as smoke detectors and a locking door; the most common disputes result from either the landlord's failure to provide services or the tenant's failure to pay rent—the former can lead to the latter. The withholding of rent is justifiable cause for eviction, as explained in the lease.
In Canada, residential homeowner–tenant disputes are governed by provincial law regarding property and contracts. Provincial law sets the requirements for eviction of a tenant. There are a limited number of reasons for which a landlord can evict a tenant; some provinces have laws establishing the maximum rent a landlord can charge, known as rent control, or rent regulation, related eviction. There is an implied warranty of habitability, whereby a landlord must maintain safe and habitable housing, meeting minimum safety requirements. Residential rental market Private sector renting is governed by many of the Landlord and Tenant Acts, in particular the Landlord and Tenant Act 1985 which sets bare minimum standards in tenants' rights against their landlords. Another key statute is the Housing Act 2004. Rents can be increased at the end of a usual six-month duration, on proper notice given to the tenant. A Possession Order under the most common type, the Assured Shorthold Tenanc