Tenancy Types - Park City Property Management
In perhaps one form or another I have previously talked about different types of tenants. It can be difficult to search through several articles to piece together this information so I thought it would be good to write on article about the four different types of tenants in Park City property management.
1. Estate For Years
When people think of tenants they are most likely thinking of the first type of tenant, known as "estate for years". Far and away the most common type of agreement involving real property, estate for years is a leasehold agreement on a property with a specific beginning and end date. The most common estate for years is a one year lease on a property but there is actually no requirement for the term to even be a year. The criteria are simply a beginning and end date. Leases may vary but estate for years does not require a notice to terminate as the lease already has an end date. Whether for a month, year, or many years, estate for years covers the majority of tenants and landlords in Park City property management.
2. Periodic Tenancy
Periodic tenancy is often referred to by the type of period it is based on, month-to-month being a common example. In periodic tenancy the lease continues from one term to another automatically, whether week-to-week, month-to-month, or year-to-year. The lease will continue to renew indefinitely until one party terminates it at the end of the specified period. Many estate for years leases revert to a periodic tenancy at the end of the term, an example being a year lease that becomes month-to-month after the year has ended. In a month-to-month tenancy the lease may only be terminated at the end of the month. Many leases spell out the type of valid notice of termination that must be provided, along with a required number of days prior to termination that the notice must be provided. Many leases will require 30 day notice of termination. If the termination is unspecified Utah property management law requires a 15 day notice.
3. Tenancy At Will
Tenancy at will is, as it sounds, an at will agreement between two parties involving real property. There is no specified term, period, duration, or termination requirements. In tenancy at will the lease can be ended at any time, be either party, with or without the agreement of both parties. Generally there is not a written document in a tenancy at will situation, as a written document or lease will generally spell out terms that would classify a tenant as either estate at years or periodic tenancy. An example of this would be allowing your younger sibling to live on the basement of your home. The sibling is a tenant at will, there is not specified term (perhaps to the consternation of your spouse), and the tenancy can be terminated at any time without notice by your sibling moving out or you spouse letting you know, in probably more colorful language, that they have had enough.
4. Tenancy At Sufferance
Tenancy at sufferance is a very limited type of tenancy that only occurs in specific instances. It could really be considered a transitional phase. Tenancy at sufferance exists when a tenant is "held over". A hold over tenant occurs when the lease has ended and a renewal has either not yet been offered by the landlord, or the landlord is unwilling to renew. The tenant is still remaining in the property and is thus a tenant at sufferance. At this point the landlord will either offer a renewal of the lease agreement to the tenant or proceed with an eviction of an unwanted tenant.
If you are interested in learning more about property management Park City Utah, download our free white page "5 Questions Every Landlord Should Ask Themselves".
