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Leases, Lease - Licence Distinction - Coggle Diagram
Leases
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Important terms
- Lease = term of years = tenancy = demise
- Landlord = Lessor = Grantor
- retains freehold interest | once a term ends, he has the right to reprocess the property
- Tenant = Lessee = Grantee
- Right of Reversion
- The right the landlord has | rights attached to the property
- Right of Possession
- Assignments
- you can transfer your right of reversion to a 3rd party (selling it or smtg)
- Leasehold covenants
- promises made between a leasee and tenant | what do's and don'ts in the landlord's property
- Sub-lease = sub-tenancy
- tenant can sub-let property to another person (sub-leasee)
- Sub-lessee = sub-tenant
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