There are many types of tenancy used in the industry today. Some of the most frequently used types of tenancy are the fixed-term or tenancy for years, periodic tenancy, and the tenancy at will.
In housing tenure, tenancy is one of the two frequently used types across the world, the other one being owner occupancy. Tenancy, or more commonly known as leasehold estate in some cases, is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord.
Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. There are many types of tenancy used in the industry today. Some of the most frequently used types of tenancy are the fixed-term or tenancy for years, periodic tenancy, and the tenancy at will.
Fixed-term or tenancy for years
This is a type of tenancy which lasts for some fixed period of time. Although commonly called as "tenancy for years", such tenancy would usually only last for a period of time, such as for a month or even for a week. According to philippine real estate experts, termination of this kind of tenancy would automatically end when the fixed term runs out, or in the case of a tenancy that ends on the happening of an event.
Periodic tenancy
A periodic tenancy, also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent. This is somewhat different from Fixed-term tenancy in which the payment would dictate how long would the tenant stay in an apartment.
The landlord may terminate the lease at any time by giving the tenant notice as required by statute. Typically, the landlord must give six months' notice to terminate a tenancy from year to year. According to philippine real estate experts. tenants of lesser durations must typically receive notice equal to the period of the tenancy. The notice must also state the effective date of termination, which, in many jurisdictions, must be on the last day of the payment period.
Tenancy at will
A tenancy at will is a leasehold such that either the landlord or the tenant may terminate the tenancy at any time by giving reasonable notice. According to philippine real estate experts, it usually occurs in the absence of a lease, or where the tenancy is not for consideration. A tenancy at will terminates by operation of law, if the tenant violates a certain law, such as the tenant commits waste against the property or when the tenant attempts to assign his tenancy.
In housing tenure, tenancy is one of the two frequently used types across the world, the other one being owner occupancy. Tenancy, or more commonly known as leasehold estate in some cases, is an ownership interest in land in which a lessee or a tenant holds real property by some form of title from a lessor or landlord.
Leasehold is a form of property tenure where one party buys the right to occupy land or a building for a given length of time. There are many types of tenancy used in the industry today. Some of the most frequently used types of tenancy are the fixed-term or tenancy for years, periodic tenancy, and the tenancy at will.
Fixed-term or tenancy for years
This is a type of tenancy which lasts for some fixed period of time. Although commonly called as "tenancy for years", such tenancy would usually only last for a period of time, such as for a month or even for a week. According to philippine real estate experts, termination of this kind of tenancy would automatically end when the fixed term runs out, or in the case of a tenancy that ends on the happening of an event.
Periodic tenancy
A periodic tenancy, also known as a tenancy from year to year, month to month, or week to week, is an estate that exists for some period of time determined by the term of the payment of rent. This is somewhat different from Fixed-term tenancy in which the payment would dictate how long would the tenant stay in an apartment.
The landlord may terminate the lease at any time by giving the tenant notice as required by statute. Typically, the landlord must give six months' notice to terminate a tenancy from year to year. According to philippine real estate experts. tenants of lesser durations must typically receive notice equal to the period of the tenancy. The notice must also state the effective date of termination, which, in many jurisdictions, must be on the last day of the payment period.
Tenancy at will
A tenancy at will is a leasehold such that either the landlord or the tenant may terminate the tenancy at any time by giving reasonable notice. According to philippine real estate experts, it usually occurs in the absence of a lease, or where the tenancy is not for consideration. A tenancy at will terminates by operation of law, if the tenant violates a certain law, such as the tenant commits waste against the property or when the tenant attempts to assign his tenancy.
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