General information about Real Estate – part 3
Until the end of the lease period (often measured in decades or centuries, a 99-year lease is quite common) the leaseholder has the right to remain in occupation as an assured tenant paying an agreed rent to the owner. Terms of the agreement are contained in a lease, which has elements of contract and property law intertwined.
The term estate for years may occasionally be used. This refers to a leasehold estate for any specific period of time (the word “years” is misleading.) An estate for years is not automatically renewed.
Colloquially, “lease” and “leasing” are often a formalization of a longer, specific period as compared with a “rental” that created a tenancy at will, terminable or renewable at the end of a short period.
A landlord is the owner of a house, apartment, condominium, land or real estate which is rented or leased to an individual or business, who is called a tenant (also a lessee or renter). When a juristic person is in this position, the term landlord is used. Other terms include lessor and owner. The term landlady may be used for female owners, and lessor applies to both genders.
The concept of a “landlord” may be traced back to the Roman Empire and to the manorial system (seignorialism), which began under it — peasants became bound to the land and dependent on their landlords for protection and justice. Under feudalism such relations became widespread
Feudalism is a system of land ownership and duties. It was used in the Middle Ages. Under feudalism, all the land in a kingdom was the king’s. However, the king would give some of the land to the lords or nobles who fought for him. These presents of land were called manors. Then the nobles gave some of their land to vassals. The vassals then had to do duties for the nobles. The lands of vassals were called fiefs.
Article sources: http://simple.wikipedia.org/wiki/Feudalism http://en.wikipedia.org/wiki/Real_estate http://en.wikipedia.org/wiki/Broker http://en.wikipedia.org/wiki/Real_estate_broker http://en.wikipedia.org/wiki/Leasehold_estate http://en.wikipedia.org/wiki/Landlord