Lloyd S W12
Ann’s Lease
Applied Business Law - 27
Instructor: Renee Clark
By Stacie Lloyd
01/10/2015
When a person enters into a lease he or she are entering into a property interest with the landlord where the lessee and his or her heirs have an interest in the lease term, and landlord has an interest in enforcing the lease to Ann or her heirs. This is would be if the there was a right of survival and that the lease was not supposed to end automatically if the tenant passes away or has something happen to where they are not able to keep the agreement with the owner. During the time in which the lease is in place, and the heirs default on the property, the landlord must make reasonable efforts to release the lease. However, if the property remains vacant; the estate of Ann is responsible for the contract terms. In reality, what happens is that the lease, along with all other assets and liabilities of Ann goes into probate for court administration. In any event at the expiration of the lease, the leased property automatically returns to the landlord.
The fact that the lease automatically expires at end of the year without a notice requirement is also an important element that ensures landlord gets his or her property back at the end of the contract term. This makes the lease a fixed set value which will facilitate a probate proceeding when the liability is assessed on the estate. So, while lease term is in place, lease is property of Ann's estate and property reverts automatically back to owner at expiration of lease term; So basically if a tenet such as Ann was to pass away during a lease and it was not noted in the lease that if such a thing as her passing away would terminate the lease than the leaser would have to go into probate and take the lease to court to have the lease terminated. Unless the heirs of her estates are to just release the lease contract back to the owner without any problems.
Reference Page: Attorney Arcadier
Applied Business Law - 27
Instructor: Renee Clark
By Stacie Lloyd
01/10/2015
When a person enters into a lease he or she are entering into a property interest with the landlord where the lessee and his or her heirs have an interest in the lease term, and landlord has an interest in enforcing the lease to Ann or her heirs. This is would be if the there was a right of survival and that the lease was not supposed to end automatically if the tenant passes away or has something happen to where they are not able to keep the agreement with the owner. During the time in which the lease is in place, and the heirs default on the property, the landlord must make reasonable efforts to release the lease. However, if the property remains vacant; the estate of Ann is responsible for the contract terms. In reality, what happens is that the lease, along with all other assets and liabilities of Ann goes into probate for court administration. In any event at the expiration of the lease, the leased property automatically returns to the landlord.
The fact that the lease automatically expires at end of the year without a notice requirement is also an important element that ensures landlord gets his or her property back at the end of the contract term. This makes the lease a fixed set value which will facilitate a probate proceeding when the liability is assessed on the estate. So, while lease term is in place, lease is property of Ann's estate and property reverts automatically back to owner at expiration of lease term; So basically if a tenet such as Ann was to pass away during a lease and it was not noted in the lease that if such a thing as her passing away would terminate the lease than the leaser would have to go into probate and take the lease to court to have the lease terminated. Unless the heirs of her estates are to just release the lease contract back to the owner without any problems.
Reference Page: Attorney Arcadier