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A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [1]
In terms of section 77(1), save where provision to the contrary is made in any law, any lease or sublease of land or of any rights to minerals in land, and any cession of such a lease or sublease intended or required to be registered in the Deeds Registry, shall be executed by the lessor and the lessee, or by the lessee and the sub-lessee, or ...
The narrower term 'tenancy' describes a lease in which the tangible property is land (including at any vertical section such as airspace, storey of building or mine).A premium is an amount paid by the tenant for the lease to be granted or to secure the former tenant's lease, often in order to secure a low rent, in long leases termed a ground rent.
The landlord-tenant relationship is defined by existence of a leasehold estate. [4] Traditionally, the only obligation of the landlord in the United States was to grant the estate to the tenant, [5] although in England and Wales, it has been clear since 1829 that a Landlord must put a tenant into possession. [6]
For a commercial tenancy of more than a year, the new tenancy is year to year; otherwise, the tenancy lasts for the same length of time as the duration under the original lease. In either case, the landlord can charge a higher rent, if the landlord, before the expiration of the original lease, has notified the tenant of the increase.
Indefeasible right of use (IRU) is a type of telecommunications lease permanent contractual agreement that cannot be undone, established between the owners of a communications system and a customer of that system. The word "indefeasible" means "not capable of being annulled, or voided, or undone".
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