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Owner occupancy – The person or group that occupies a house owns the building (and usually the land on which it sits). Tenancy – A landlord who owns an apartment or building rents the right to occupy the unit to a tenant. Cooperative – Ownership of the entire building or complex is held in common by a homeowners' association.
Owner-occupancy or home-ownership is a form of housing tenure in which a person, called the owner-occupier, owner-occupant, or home owner, owns the home in which they live. [1] The home can be a house , such as a single-family house , an apartment , condominium , or a housing cooperative .
In this case, market rents are used to estimate the value to the property owner. Thus, imputed rent offers a way to compare homeowners' and tenants' economic decisions. More formally, in owner-occupancy, the landlord–tenant relationship is short-circuited. Consider a model: two people, A and B, each of whom owns property.
The first duty of the landlord is to put the tenant in physical possession of the land at the outset of the lease (the English and majority rule, as opposed to the American rule which only requires the tenant be given legal possession, or the right to possess); the second is to provide the premises in a habitable condition—there is an implied ...
Some housing legislation makes a distinction between those buildings occupied mainly on long leases and those where the majority of the occupants are short-term tenants. The definition of an HMO has its origins in fire safety legislation, following a series of publicised, preventable deaths in overcrowded buildings.
A lease option (more formally Lease With the Option to Purchase) is a type of contract used in both residential and commercial real estate.In a lease-option, a property owner and tenant agree that, at the end of a specified rental period for a given property, the renter has the option of purchasing the property.
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