Chapter 16 Real Estate Leases - PowerPoint PPT Presentation

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Chapter 16 Real Estate Leases

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... Forcible Entry and Detainer 3 days written notice Justice of Peace Court Key Terms Escalation clause Ground rent Lessee Lessor Option clause Quiet enjoyment ... – PowerPoint PPT presentation

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Title: Chapter 16 Real Estate Leases


1
Chapter 16Real Estate Leases
  • _______________________________________

2
Leasehold Estate
  • Lessee Tenant
  • Lessor Owner Landlord
  • Reversion right of owner to retake the property
    at end of leased period.

3
Estate Periods
  • Estate for years- specific starting ending date
  • Estate at will- terminated anytime by either
    party
  • Periodic estate- one that renews itself
    automatically
  • Tenancy at sufferance- holdover tenant

4
Valid Lease
  • Lessor Lessee
  • Description of premises
  • Agreement to convey accept possession
  • Rent payment provisions
  • Start date and duration of lease
  • Signature of parties to lease

5
STATUTE OF FRAUDS
  • The Statute of Frauds in Texas provides that a
    lease of real estate for a term that cannot be
    performed within one year must be in writing.
  • A lease of one year or less need not be in
    writing to be enforceable.

6
Sample Lease
7
Sample Lease (continued)

8
Landlord-Tenant Laws
  • Notice needed to terminate tenancy.
  • Landlords lien for rent.
  • Need for security devices.
  • Habitable premises.
  • Smoke detectors.
  • Occupying limit of 3 adults per bedroom.
  • Security deposits and 30 day rule for accounting
    to tenant. Commercial leases 60 days.
  • Duty to mitigate.
  • Family Violence Service Members.

9
Rent
  • Gross lease Fixed rent
  • Graduated rent Step-up rent payments over term
  • Percentage lease Rent is percent of gross
    income
  • Net lease Rent plus increases in expenses
  • Index lease Rent tied to economic indicator

10
Lease Terms
  • Option clause
  • Assignment
  • Subletting
  • Ground lease
  • Lease termination
  • Eviction Forcible Entry and Detainer
  • 3 days written notice
  • Justice of Peace Court

11
Key Terms
  • Quiet enjoyment
  • Reversionary interest
  • Sublease
  • Sublessee
  • Sublessor
  • Escalation clause
  • Ground rent
  • Lessee
  • Lessor
  • Option clause
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