Article 31 – Legal Topic – Leases – Elements, Formalities, & Essential Covenants
By: Jonathan A. Stevenson This lesson provides information on: The Elements of a Lease Formalities Essential CovenantsQuiet Enjoyment Non-Derogation from Grant Fitness for Human Habitation Tenantable Repair Option to Renew Option to Purchase Assignment and Subletting Payment of Rates and Taxes Payment of Bills Entry INTRODUCTION It is certainly common for property owners to utilize their properties to generate income. A popular instrument by which property owners achieve this goal is undoubtedly the lease. This instrument enables property owners to generate this income by allowing other persons or entities to occupy their properties for a period in return for money, without parting with their ownership or title in the same. Leases, and the relationships which they...
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