Chapter 24: Leasehold Interests

• Arises when landowner grants possession of land to another for fixed period of time

  Leasehold interest
• Landlord

  Lessor
• Tenant

  Lessee
• Agreement that constitutes a grant of possession of property for a fixed term in return for the payment of rent

  Lease
• Relationship between parties governed by a lease

  Tenancy
• Return of the right to possession to the landlord at the end of the lease

  Reversion
• Fixed term of a lease

  Term certain
• Lease that automatically renews at the end of each rent period until notice of termination

  Periodic tenancy
• During term of tenancy, rent is fixed and cannot be raised by landlord.
• right of a landlord to seize and sell the chattels of a tenant if money owing of rent are not paid

  Distress
• What are the 3 remedies for failure to pay rent?

  Action on the covenant, distress, re-entry
• Act of a landlord to move into possession of leased property

  Re-entry
• Court ordered removal of a tenant from leased premises

  Eviction