Book Opener

The RentalAgreementl How to define themain types oftenancies available topersons who rent realpropertyl How to describe someof the commoncovenants found ina leasel How to summarizerent control lawsTenancyIf you rent real property, such as an apartment or house, you are atenant. If you own real property and rent it to someone else, you are alandlord. The contract between a tenant and landlord is called a lease.In a lease, the tenant is known as the lessee , and the landlord is thelessor .Types of TenanciesAlthough they rent from someone else, tenants own an interest in thereal estate they lease, called a leasehold estate or tenancy . The typesof tenancies are tenancy for years, periodic tenancy, tenancy at will, andtenancy at sufferance. Figure 33.1 shows some considerations to keepin mind when renting an apartment.Knowing all you canabout rental agreementsand the types oftenancies will help youchoose a place to live andknow how to addressdisputes that may arise.Figure 33.1Locationl Near school, workl Near church, mosque, synagoguel Near shoppingl Near public transportationl Near recreation: parks, museumsWhat to Look for in Selecting an ApartmentFinancesl Amount of monthly rentl Amount of security depositl Cost of utilitiesl Length of leasel lesseel lessorl tenancyl tenancy for yearsl periodic tenancyl rent dayl tenancy at willl tenancy at sufferancel leasel subleaseBuildingl Condition of building and groundsl Parking facilitiesl Recreation on premisesl Security systeml Condition of hallways, stairs, andelevatorsl Access to mailboxesLayout and Facilitiesl Size and condition of unitl Type and controls of heating andcooling systemsl Plumbing and water pressurel Type and condition of appliancesl Condition of doors, locks, windows,closets, and floorsAPARTMENT SEARCHMany considerations go into renting an apartment. Which of the fourbroad categories listed here would be most important to you?712 Unit 7: Planning for the Future