What is a fee simple tenure?
What is a fee simple tenure?
Fee simple means a type of ownership where a buyer purchases a real estate property outright and has the right to use the property indefinitely. There is no time limit to the use of the property with fee simple ownership, unlike leasehold estates.
Does fee simple go through probate?
Equitable ownership doesn’t affect the fee simple ownership of property, because equitable ownership is the result of the decision of a court of equity, such as a probate court.
Why is fee simple important to businesses?
Fee simple involves absolute ownership of property without most conditions by law. The advantage of fee simple is having the option modify or sell property as they wish. As the owner of the property, they have the right to complete privacy that includes whether to engage with other people in civilization.
Which best describes a tenancy at sufferance?
Which best describes a tenancy at sufferance? When the tenant stays beyond her lease without consent. A lease agreement was signed for 8 months by the lessor and the lessee.
What is a holdover tenancy?
A holdover tenant is a renter who remains in a property after the expiration of the lease. If the landlord continues to accept rent payments, the holdover tenant can continue to legally occupy the property, and state laws and court rulings determine the length of the holdover tenant’s new rental term.
What term describes a tenant at sufferance?
Tenancy at sufferance is an agreement in which a property renter is legally permitted to live on a property after a lease term has expired but before the landlord demands the tenant vacate the property. If a tenancy at sufferance occurs, the original lease conditions must be met including the payment of any rents.
What is the difference between an estate for years and a periodic tenancy?
An estate for years is a lease with a specific beginning and ending date. At the end of the lease, the tenant is expected to vacate the property. Periodic tenancy is a lease with no specific ending date for the term of the lease. The landlord and tenant agree that the tenant can occupy the property indefinitely.
What terminates a lease for years?
A landlord may legally terminate a lease if the tenant is in violation of the terms of the lease or has broken the law. The violation by the tenant must be significant, such as late rent, or having a dog despite a prohibition against pets in the premises.
