Tenancy A Specification"

The right to use and occupy all or part of a property under a rental agreement.

(PRWEB) November 30, 2004 -- This is a mortgage information dissemination company. In our day-to-day business, there are many misunderstandings related to mortgage. This article about tenancy along with the associated resources is nothing but the company effort, to help you in getting a clear picture of it.

The right to use and occupy all or part of a property under a rental agreement. The right to possess an estate, whether by lease or by title. ( http://www.mortgagefit.com/title.html )

In general, tenancy refers to any right to hold property. It also refers to holding in subordination to another title, as in the landlord-tenant relationship.

There are different types of tenancies. They are as follows:

1. Tenancy in Common: In a tenancy in common, each tenant has an undivided interest in the entire property. Each tenant has the right to possession of the whole property. There is no right of survivorship. Each tenant has a distinct proportionate interest in the property, which is alienable by inter vivos or testamentary transfer and passes by succession. There is a presumption that a conveyance to two or more persons is a tenancy in common.

2. Joint Tenancy: In this type of tenancy each tenant owns an undivided share of the estate. There is a right of survivorship. Thus, on the death of one joint tenant the survivor retains an undivided right to the entire estate, which is not subject to the rights of the deceased co-tenant.

3. Tenancy by the Entirety: This is a marital estate, which can only be created between a husband and wife. It is similar to a joint tenancy except that the right of survivorship cannot be destroyed, since severance by one tenant is not possible. An existing marriage is requisite for a tenancy by the entirety. In many states there is a presumption that a tenancy by the entirety is created in any conveyance to a husband and wife. Half of the states however have abolished this type of tenancy. In New York, the tenancy by the entirety exists as to realty but not personality.

4. Periodic Tenancy: This is a tenancy that continues for successive periods from year to year or fractions thereof. There is no definite termination date and it continues until terminated by either the landlord or tenant. It is terminated by proper notice, which is usually statutorily prescribed. This tenancy may be created by express agreement or by operation of law.

5. Tenancy at Will: The landlord and tenant both have the right to terminate the tenancy at will. The parties must have an agreement or understanding that either party can terminate at any time. The tenancy has no stated duration and lasts as long as the landlord and tenant desire. In most states, the acceptance by the landlord of regular rent will cause the courts to consider the tenancy to be a periodic tenancy. No notice was required to terminate a tenancy at will at common law. However, in most states, statutes require notice of termination to be given at least one month in advance.

6. Tenancy for Years: This tenancy continues for a fixed period of time and has certain beginning and termination dates. Since the parties know when the tenancy will end, the term expires at the end of the period without notice required by either party.

7. Holdover Tenant: A tenant who was rightfully in possession and holds over at the end of the tenancy is called a tenant at sufferance. This tenancy lasts until the landlord evicts the tenant or until the landlord elects to hold the tenant to an additional term.

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