Estate for Years:
In real estate, one type of leasehold estate
is the Estate for Years.
This type of lease is quite common, with a definite specified beginning date and ending date. When the lease expires, the tenant is expected to vacate the property without the need of notice. Payment of rent can be any specified frequency, with the defining characteristic of this type of lease being the definite beginning and ending dates.
Estate from Period to Period:
Also known as "periodic tenancy", the estate from period to period
is a lease that doesn't spell out an ending date, but does specify periodic periods of tenancy and rent payment, such as month-to-month. Notice to vacate must be given, as there is no defined termination date for this type of lease.
Estate at Will:
The most unstructured of the lease agreement types, there is no specified ending date, nor a defined periodic tenancy such as month-to-month in the estate at will
type of leasehold estate.
Estate at Sufferance:
Estate at Sufferance
is a leasehold estate that arises when a tenant overstays their lease, occupying the property after the legal expiration or termination of the lease. This type also requires that it be without the consent of the owner/landlord.
Leasehold Estate Types - Common Attributes:
With all of the described lease types, the Statute of Frauds in most states requires that leases over one year in duration be in writing to be enforceable.
All of these types of leases, when in written form, should spell out the rights and obligations of the owner/landlord and the tenant. Things such as maintenance, repairs, utilities, etc. will be agreed upon in this lease document.