ADMS 2610 Lecture Notes - Second Mortgage, Concurrent Estate, Net Lease

• School: York University
• Department: Administrative Studies
• Course: ADMS 2610
• Professor: all

Document Summary

Leasehold interests apply to real property (ie, land, buildings, farms): tenancy: a relationship between parties governed by a lease. But office won"t be ready for 3 months, but b says i have vacant offices in my building for the mean time. It can be terminated by the landlord at any time. Read in text: the owner of the property who is going to give the lease is referred to as landlord or lessor. The person who takes the lease is the tenant or lessee: a the landlord, leases property to b the tenant, and then b leases the property to c (the sub tenant or sub-lessee). Lease between landlord and b (headlease), so a becomes the head-lessor. The lease between b and c (sublease): b becomes the sub-landlord, and c is the sub-tenant. A sublease can only occur with a lease in existence.