Tulsa Real Estate Agents | Property management
Hey tessa real estate agents, today we’re going to talk about at lisa’s landlords. Tenants were going to explain some differences in different types of leases and what is most common and then say whatever little bit. First of all, we talked about life estates before and now we’re going to talk about leasehold, estates or another time would be less than freehold estate I’m a leasehold this day is just considered personal property and a tenant will assume certain obligations when they sign a lease with the landlord and those obligations include how much money they’re paying in rent. What exactly are they paying for? Are they paying for all of their utility? Please or a partial unit utilities, so tulsa real estate agents who arethinking about getting into property management, and they need to understand this chapter for sure. The chapter that you read about in your real estate guide and exam books about lisa’s and also property management. So the difference between some of these leases, the first one is called an estate for years. This is the traditional lease and it does not renew. So the way to remember that is estate for years has a definite. Of time, there’s going to be a starting and there’s going to be an end date and if there’s an end date, the tenant or the landlord is not required to give a notice. So if you have a lease that starts august 1st and it goes through the following year and ends august 1st, we all know that the lease expires on that date and usually the landlord is starting to a month before either talk to the tenant and see what their plans are. If they plan to not renew the lease, then they’re starting to advertise to get a new tenant onto the property, the next type of lisa’s, the estate from. To. Which. This just means that it is an indefinite term or time. And. It automatically renews so periodic tenancy. It can be created when the landlord or the tenant enter into a estate for years, and then they start going once a month. Maybe, and they decide that in everybody’s in agreeance, the landlord accepts the payment after their terms are over, but they don’t renew a new lease. So it’ll just kind of automatically renew month to month and in that situation, if both landlord and tenant arm board and agree to that, then I notice will have to be given during.. Now. If an estate for years expires and there’s no agreement in the landlord says no I don’t want them to go month-to-month and the tenant decides I’m either going to stay or I’m not going to pay you any money, then there’s going to be an estate at sufferance. So we kind of call that deadbeat tenants and the landlord is suffering because of that also when, when the tenant does remain in an estate for years after the lease is expired in the landlord does agree, that’s considered a holdover tenancy. If there an agreement, if they’re not in agreement, it becomes an estate of sufferance and an estate of will is not very common here. But tulsa real estate agents need to know that it just means that there was no initial. Of when they decided to move on to the property. It’s not specified anywhere and it can be automatically terminated also if either the tenant dies or the landlord dies. So, as state agents get involved into property management, one thing you need to know when you’re doing an estate of years, if the owner decides to hire a new property manager during the current lease of a tenant, nothing changes on the waste. The only thing that changes is who the property manager-yes, the tenant, has not released from their lease and the terms remain the same. The only requirement is that it has to be given a notice and riding to the tenant, letting them know that someone else is taking over the management of the property and they will have to start paying their money to send you every month. So if somebody does create an estate of sufferance and the landlord can turn around and treat the tenant as what we would call trespasser, because they are on private property at that point and they can go ahead and file a notice to quit with there at the courthouse in order to get it going so that they can terminate and get the $10 off off the property as fast as possible. So, just like a real estate contract, there is going to be requirements to have a valid lease agreement. So tulsa real estate agents need to know that one of the terms that they need to understand is the lease or in the we see member they give for in the givi. The landlord is going to be the least or because they’re giving her the gift were there, giving the property to the lease cpus and the tenant is the lessee, because they’re receiving the property and again a lease agreement is considered personal property. So some of the valid requirements would be the capacity to the capacity to contract, so that just means that everyone involved has to be at legal capacity, and that means they have to be in the right mind and they have to be of legal age. There has to be a legal objective, and so there has to be an objective of least so it must so that it can be legal. There has to be offer and acceptance which that means both parties mutually agree to the terms of the contract has to be consideration. We know the consideration doesn’t always have to be money, but in this case we’re not going to just let somebody live in the property for free normally, unless you’re a family member, so consideration would be usually consist of your monthly payments and your security deposit. Tulsa Real Estate Agents
Tulsa Real Estate Agents So when you, when a landlord, give the tenant the permission to lease a property at tulsa, real estate agents need to understand it specially if they’re doing property management, that tenant has the right of quiet enjoyment. So that means whoever is living on the property whose leasing it and they have the right to live on the premises without any type of interference from the owner or anyone else. Unless there’s some type of emergency, usually it’s not required for permission. If there is some type of emergency on the property it, especially if there’s something illegal taking place or you know, something’s been misused. So there are restrictions to that. But most of the time the tenant is always allowed to possess the property without having any type of interference from a landlord i. Usually, a tenant is going to be expected to provide a security deposit in typically improvement should never be made on the property unless there’s some type of written permission granted to the tenants. All leases have to abide by the federal, fair housing act, which makes it imperative that tulsa real estate agents, if you’re doing property management, you cannot discriminate against any of the other things that we discussed earlier, and also you have to make a combinations for those two might be handicapped, so at least is going to typically run with the land. And it’s when it’s. If there’s ever at least recorded a change in ownership of the leased property does not affect the leasehold. Unless there’s some type of provision that does cause it to affect, and we have also purchase options, which means an owner might give a tenant the ability to lease property for a certain amount of time and then turn around and give them the option to purchase the property and a lot of times. People will do that if they don’t have good credit and they need time to build their credit, so they can get a mortgage and usually there’s some type of agreement made in writing of how much is required for down payment. How much of that is going towards the down payment, especially if the tenant lives in on the property and rent it for idlewild and 5 years, or so at least. My also contain something called the right of first refusal, so that just means that the tenant has the opportunity to buy the property first, if the owner the size that they’re going to sell the property-and you know rightfully so, if someone’s lived in the house for 10 years and then the owner says well, i, think I’m going to put my house on the market and sell it. Then the tenant would have should have the right to buy it. First and I have been in those situations where I represented the seller and the 10 actually lived in the property for 15 years, and we gave them the ability or the opportunity to get a mortgage and finance it and obviously they you know it does happen, really can’t do it, so they were ultimately in the end, had to move I’m. We’ve have different types of leases. We have a gross lease tulsa real estate. You just need to know gross leases, the main one that’s used, that’s when the tenant pays, the rent and the utilities, but the landlord pays all the taxes and insurance and takes care of any kind of repairs and that lease is when the tenant pays all or most of the expenses but they’re also payne insurance and property tax. On top of that, and not me so, they’re usually used for commercial and industrial, then there’s percentage of leases and that’s usually used for retail businesses. So retail businesses will normally pay a fixed amount for their rent and then they pay a percentage of all of their gross income. At the end of the year, there’s I’m also ground leases, oil and gas leases, and we talked to lease to purchase earlier. That’s more of a option. Option purchase need to know what happens when a tenant breaches the release, and that means the landlord. Can we gain possession of the property again, but it has to go through a legal process called actual eviction, so courts get involved in it can be a mess, there’s also constructive eviction, and that’s when the landlord breaches the lease and the tenant has the right to sue and recover any kind of damages by filing a constructive eviction. So tulsa real estate agents just need to understand mainly the different types of leases and we’ll talk about different rules. That needs to be known. Another time Tulsa Real Estate Agents