Legal Definitions - Term of years

Definition: A type of tenancy where the lease agreement is for a specific period of time, such as one year or five years. This is also known as a tenancy for years.

Example: John signed a lease agreement for a term of three years to rent an apartment. This means that John has the right to occupy the apartment for three years, and the landlord cannot evict him during this time as long as he pays rent and follows the terms of the lease.

Explanation: A term of years is a specific type of lease agreement that outlines the length of time a tenant has the right to occupy a property. This type of tenancy is beneficial for both the landlord and the tenant, as it provides security and stability for the tenant while ensuring that the landlord has a guaranteed income for a set period of time.