Tenant Representation – Commercial Leases
Types of Leases - Leaseholds
A lease is a contract between a property owner (lessor or landlord) and a tenant (lessee) for a period of time in exchange for payment (rent). There are various types of leases, including (1) a tenancy for years, (2) a periodic tenancy, (3) a tenancy at sufferance, and (4) a tenancy at will.
A tenancy for years is a lease that specifies an exact commencement date and an exact ending date. The specified period can be measured in days, months, or longer.
A period tenancy is a lease that does not specify an end date or expiration. An example is a month-to-month lease where the end date is determined by a 30 day or other notice requirement.
A tenancy at sufferance exists when the lease has expired but the tenant refuses to vacate and therefore remains without the owner's consent. Under these circumstances, the owner has the option to evict the tenant, or accept rent on a month-to-month-basis:
A tenancy at will is uncommon. It is not based on a written lease and can be terminated by either the owner (lessor or landlord) or the tenant (lessee) at any time.
Tenant Representation – Commercial Leasing