Term
The term of the lease may be fixed, periodic or of indefinite duration.
If it is for a 'tenancy for years', the term ends automatically when the period expires, and no notice needs to be given, in the absence of legal requirements.
The term's duration may be conditional, in which case it lasts until some specified event occurs, such as the death of a specified individual.
A periodic tenancy is one which is renewed automatically, usually on a monthly or weekly basis.
A tenancy at will lasts only as long as the parties wish it to, and may be terminated without penalty by either party.
It is common for a lease to be extended on a "holding over" basis, which normally converts the tenancy to a periodic tenancy on a month by month basis.
Read more about this topic: Leasing
Famous quotes containing the word term:
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—Ludwig Wittgenstein (1889–1951)
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