- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
A periodic tenancy is a leasehold agreement whereby the tenant has a right to possess and use the property in question for a period defined by the rent collected.
For example, if rental is paid on an annual basis, then tenancy continues annually as long as the tenant chooses to pay rent and the landlord continues to accept the terms of agreement.
Periodic tenancy can also commonly be arranged from a week to week, month to month, or year to year arrangement.
It must be noted that at times, rental is paid in a schedule that is different from the periodic tenancy. But even so, as long as the agreement has periodic schedule reserved, then the periodic tenancy applies even when rental payment does not follow the schedule.
Such rental agreements are usually present due to a landlord and tenant agreeing on the rental price, but the period of tenancy cannot be determined by the tenant.
In some ways, it can also be described as a rolling contract of tenancy.
When a party desires to terminate the arrangement, a notice period that varies from state to state will have to be given.
For example a 10 day notice period might apply for a weekly tenancy agreement, while a 60 day notice might apply for a monthly agreement.