Chapter 25 provides knowledge of landlord and tenant. In this chapter, the learning objectives are: Recognize various legal principles applicable to landlord–tenant relationships; describe nature of leases and tenancies; discuss rights, duties, and liabilities or both landlord and tenant; explain lease termination. | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Landlord and Tenant P A E T R H C 25 “Justice, though she’s painted blind, is to the weaker side inclined.” Samuel Butler Learning Objectives Nature of leases and tenancies Landlord’s rights, duties, and liabilities Tenant’s rights, duties, and liabilities Termination of the leasehold 25 - Typical real property lease is a contract for commercial or residential purposes Bargaining position generally favors landlord Duration of tenant’s possessory right depends upon type of tenancy: tenancy for a term, periodic tenancy, tenancy at will, or tenancy at sufferance Overview 25 - A lease is a contract under which an owner of property, the landlord (also called the lessor), conveys to the tenant (also called the lessee) the exclusive right to possess property for a period of time. | Property Personal Property and Bailments Real Property Landlord and Tenant Estates and Trusts Insurance Law 5 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Landlord and Tenant P A E T R H C 25 “Justice, though she’s painted blind, is to the weaker side inclined.” Samuel Butler Learning Objectives Nature of leases and tenancies Landlord’s rights, duties, and liabilities Tenant’s rights, duties, and liabilities Termination of the leasehold 25 - Typical real property lease is a contract for commercial or residential purposes Bargaining position generally favors landlord Duration of tenant’s possessory right depends upon type of tenancy: tenancy for a term, periodic tenancy, tenancy at will, or tenancy at sufferance Overview 25 - A lease is a contract under which an owner of property, the landlord (also called the lessor), conveys to the tenant (also called the lessee) the exclusive right to possess property for a period of time. The property interest conveyed to the tenant is called a leasehold estate. Landlord’s Rights & Duties 25 - Landlord entitled to receive agreed rent for the lease term and the return of property at lease end in as good a condition as when leased, except for normal wear and tear Implied warranty of possession grants tenant’s right to possess property for lease term Implied warranty of quiet enjoyment guarantees that landlord (by act or omission) will not interfere with tenant’s possession Landlord may demand security or other deposits A security deposit is primarily for assurance of rental payment, but other deposits – pet damage, for instance – may be required. Generally, these deposits are enforceable. Implied warranty of possession guarantees tenant’s right to possess the property for the term of the lease The implied warranty of possession means that the landlord must make sure prior tenants have left the premises. Implied warranty of quiet enjoyment guarantees that a landlord’s
