Okay, the secret is out. I am currently studying for my bar exam. In the process, I must study real property law and other areas of law that pertain to real estate and may be helpful to a real estate or land investor. I figured since I was studying anyways, I might as well put each topic one video at a time. I also started a YouTube channel which can be seen here.
A term for years, also known as a tenancy for years have 3 well known elements including:
- Creation: A term for years is generally created in a written lease agreement
- Fixed period of time: A term for years has a fixed period of time, meaning there is an express start date and end date. This It may be for more or less than a year but they all have a beginning and an end.
- Termination: The termination of a tenancy for years is automatic upon the end date of the lease.
Let me explain a bit further....