Real Estate Term of the Day – Tenancy at Will
Tenancy at will, or real estate at will, is a tenancy that is not dictated by a lease or contract. This type of arrangement is usually reached between an owner and a lessee, and can be terminated at any point by either party since there is no contractual obligations. There is also nothing to specify length of stay for the tenant or exchange of payment. These arrangements are common with landlords or tenants who are looking to have flexibility to change situations easily and without breaking a contract, especially if they don’t know how long they will be in the area or how long they will be renting.
Despite the fact that there is no written agreement in a tenancy at will situation, both parties are still somewhat protected legally in the relationship. For example, a landlord must provide a safe living environment by law, and they must provide at least some notice prior to entering the property if it is occupied. The tenant is responsible for rent payments and upholding rules laid out by the landlord, and they are still responsible for damage. Both parties also must obey local laws when it comes to intention to vacate or evict.