Landlord-tenant law governs the
rental of commercial and residential property. It is composed primarily of
state statutory and common law. The
basis of the legal relationship between a landlord and tenant is grounded in
both contract and property law. The tenant has a property interest in the land for
a given period of time. The length of the tenancy may be for a given period of
time, for an indefinite period of time, terminable at any time by either party,
or at sufferance if the agreement has been terminated and the tenant refuses to
leave (holds over). Housing codes were established to ensure that residential rental units were
habitable at the time of rental and during the tenancy. Housing code violations may lead to
administrative action or to the tenant being allowed to withhold rent. The
habitability of a residential rental unit is also ensured by warranties of
habitability which are prescribed by common and/or statutory law. A breach of the warranty of habitability or a
covenant within the lease may constitute constructive eviction, allow the
tenant to withhold rent, repair the problem and deduct the cost from the rent,
or recover damages. In commercial leases rent is commonly calculated in part or whole as a
percentage of the tenants sales. Rent acceleration clauses that cause all the
rent to become due if the tenant breaches a provision of the lease are common
in both residential and commercial leases. Summary eviction statutes commonly
allow a landlord to quickly evict a tenant who breaches statutorily specified
lease provisions. Landlords are also restricted from evicting tenants in
retaliation of action the tenant took in regards to enforcing a provision of
the lease or applicable law. Landlord Tenant Law
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments (usually mortgage payments) and the lender files a public default notice, called a Notice of Default or Lis Pendens. The foreclosure process can end one of four ways:
1. The borrower/owner reinstates the loan by paying off the default amount to during a grace period determined by state law. This grace period is also known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during the pre-foreclosure period. The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell it on the open market. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction. These are also known as bank-owned or REO properties (Real Estate Owned by the lender).
This process allows for three opportunities for finding bargains on foreclosure homes.
Disclaimer
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