Leases — Renting Real Property
A lease is a contract giving the tenant the right to use property for a specific period in exchange for rent.
Types of leasehold estates:
Estate for years — fixed term (month, year, 5 years); ends automatically
Month-to-month (periodic tenancy) — automatically renews; ends with proper notice
Tenancy at will — no fixed term; either party can end it at any time
Tenancy at sufferance — tenant stays after lease expires without permission (holdover)
Gross lease: Tenant pays fixed rent; landlord pays taxes, insurance, maintenance.
Net lease: Tenant pays rent PLUS some operating expenses.
Triple net (NNN) lease: Tenant pays rent + taxes + insurance + maintenance. Common in commercial real estate.
Percentage lease: Base rent + percentage of tenant's sales. Common in retail.
Security deposits: Most states regulate maximum amounts and return timelines. Must be returned (minus legitimate deductions) within 14–30 days after tenant vacates.
Reference:
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