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 periodic 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.


Checklist for Commercial Leases

How Your Premises Lease Affects the Value of Your Business

Assignment of Lease or Sublease?

Common Area Maintenance Charges Commercial Leases

Lease Square Foot measurements

Percentage Rent

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