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Simple English definitions for legal terms
periodic estate
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A quick definition of periodic estate:
A periodic estate is a type of rental agreement where the tenant automatically continues to rent the property for a certain period of time, like month-to-month or year-to-year, unless they or the landlord give notice to end the agreement. It's also called a periodic tenancy. This is different from a fixed-term lease, where the rental period is set for a specific amount of time.A more thorough explanation:
A periodic estate is a type of tenancy where the tenant has the right to occupy the property for successive periods, such as month-to-month or year-to-year, unless the tenancy is terminated by notice. This type of tenancy is also known as a periodic tenancy.
- A month-to-month apartment lease
- A year-to-year lease for a commercial property
These examples illustrate that the tenant has the right to occupy the property for a specific period, but the tenancy automatically renews for successive periods unless terminated by notice. For instance, a month-to-month lease will renew every month unless the landlord or tenant gives notice to terminate the tenancy.