13:13
i heard the group interview is really chill and I'm kinda excited to do it
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Simple English definitions for legal terms
lease for years
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A quick definition of lease for years:
A lease for years is when someone rents a property for a specific amount of time, like a year or a few months. This is different from other types of leases where the duration is not fixed. During the lease, the person has the right to use and possess the property, but they do not own it. After the lease is over, the person must move out unless they renew the lease.A more thorough explanation:
A lease for years is a type of tenancy where the tenant has the right to occupy a property for a fixed period of time. This type of tenancy is also known as a tenancy for a term. The duration of the lease is specified in the lease agreement and can be for any length of time, such as one year, five years, or ten years.
For example, if a landlord leases an apartment to a tenant for two years, the tenant has the right to occupy the apartment for that period of time. At the end of the lease, the tenant must vacate the apartment unless a new lease agreement is signed.
A lease for years is different from a periodic tenancy, where the lease automatically renews at the end of each period, such as month-to-month or year-to-year. In a lease for years, the tenant has a fixed term and the lease does not automatically renew.