Daily Real Estate Vocab #27 - Estate for Years

Daily Real Estate Vocab is here! Today we find out what a Estate for Years is. The term “estate for years” refers to an estate that has a specific duration of time as defined in the lease agreement. The duration does not have to be years, but may specify weeks, days, or months. So even though it's called an estate for years, technically it can last for weeks, days or months. Don’t let that confuse you! Now this type of leasehold specifies clear starting and ending dates, and when the end date comes about, the tenant must vacate the property and return it to the owner unless a new leasehold agreement is entered into. No notice to be terminated is need as the end of lease is established at the conception of the rental. AND it's as simple as that. So remember, The term “estate for years” refers to an estate that has a specific duration of time as defined in the lease agreement. The duration does not have to be years, but may specify weeks, days, or months. This type of leasehold specifies clear starting and ending dates, and when the end date comes about, the tenant must vacate the property and return it to the owner unless a new leasehold agreement is entered into. For more vocab terms check out our ultimate guide here: https://realestatelicensewizard.com/real-estate-terms/ #realestate #realestateexam #realestatelicense -=-=-=-=- Don’t forget to like and subscribe for more! Want to learn more about the smart way to get your real estate license and start a successful real estate career? Then make sure to visit the Real Estate License Wizard, getting started is easy. Just click the page below: https://realestatelicensewizard.com