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Simple English definitions for legal terms
leasehold
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A quick definition of leasehold:
Leasehold: When someone rents a property from a landlord, they have a leasehold. This means they have a legal right to live in the property and the landlord has to make sure it's safe and comfortable to live in. If there are any problems, the tenant can ask the landlord to fix them. However, if the lease says something different, they have to follow that instead.
A more thorough explanation:
Leasehold is a type of property interest that arises from a lease agreement between a landlord and a tenant. It creates both a contractual and a property interest for the tenant, which is called leasehold.
Under the law, leasehold provides certain protections for both the tenant and the landlord, even if these protections are not explicitly stated in the lease agreement. For example, the landlord is responsible for ensuring that the property is habitable, even if the lease agreement does not mention this requirement. If the property becomes uninhabitable, the tenant can take legal action against the landlord to seek remedies.
However, if the lease agreement specifically modifies or alters the presumed interests of the tenant and landlord, then both parties must follow the terms of the lease agreement.
For example, if a lease agreement states that the tenant is responsible for all repairs and maintenance of the property, then the landlord is not obligated to make any repairs or provide any remedies if the property becomes uninhabitable due to the tenant's negligence.
Overall, leasehold is an important concept for both landlords and tenants to understand, as it establishes the rights and responsibilities of each party in a lease agreement.