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Landlord and Tenant

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					                    Landlord and Tenant
                                     Jan E. Beran
                              UNL-Lincoln, Finance 382
                          Real Estate Principles and Practices
                      http://www.beranlaw.com/students/fin382


                               Leasehold Estate
•   Lessee (not yet in possession) = Tenant (in possession)
•   Lessor (has entered into contract with Lessee who is not yet in
    possession) = Landlord (has tenant in possession)
•   Reversion = right of owner to retake the property at end of
    leased period.
•   Historical/common law Perspective
     • Part c

     • Part c


                  Character of Tenancy or Estate
    At Will                          Tenancy to continue until notice
                                     Notice or Death terminates
    At sufferance
                                     Holdover tenant, without consent of
                                     landlord
    Tenancy for years                Definite period of time and a
                                     terminates
    Periodic Tenancy                 I                   period, notice of
                                     one period to terminate

                         Creating a Valid Lease
    •   Oral or Written
    •   The lease agreement must describe the premises
    •   Conveyance of P
    •   Contract aspects (CLOaC)
        •   C                  parties (at least    of age)
        •   Legal Object
        •   Mutual agreement
                                           -1-
    •   C


                     Creating a Valid Lease (2)
   Statute of Frauds:
       Written if for year or more
       Signed by party to be charged
       Recorded with Register of Deed if two years or more
   Words of conveyance (let, rent . . . )
   Date of agreement with starting and duration
   Oral leases valid



               Landlord Tenant Law in Nebraska
•   Common law
    •   Commercial
    •   Agricultural
•   Statutory
    •   Residential
    •   Mobile home
                       Lease Considerations
•   Setting Rents
    •   Gross rent
    •   Net rent
    •   Percentage
    •   Index
•   Option to Purchase clauses
•   Assignment
•   Subletting
                           Lease Variations
•   Ground Lease (land only)
•   Vertical Leases (mineral rights)
                         Discharge of Lease
•   Agreement (notice, abandonment, surrender)
•   Eviction


                                        2
    •   Constructive Eviction
    •   Actual Eviction
    •   Partial Eviction (diminution of value)
    •   Retalitory
•   Eminent Domain
                                  Self Help
   Landlord
       Landlord Lien/Distraint for rent
       Eviction
   Tenant
       Withhold rent
       Rent application
                       Property Management
   Duties
       Tenant selection & retention
       Collect rent & enforce leases
       Manage cash flow & financial details
       Negotiate contract and vendors
       Schedule maintenance & repair
   Recommend:
       Refinance
       Sale

                    Tenant Selection/Retention
   Application/Credit
   Security Deposit
   Rent concessions

   Communication
   Leases
   Collecting rent
                           Nebraska Leases
                                      Statutory

   Residential Landlord Tenant Act
   Mobile Home Landlord Tenant Act
                                 Common Law


                                           3
•   Commercial (includes businesses, warehouses, offices and retail)
•   Agricultural
•   Non-URLTA or Non-MHLTA residential




                                        4