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Q: Ann leases an office in Ted's building for a one-year term. At the end of the period specified in the lease, the lease ends without notice, and possession of the office returns to Ted. If Ann dies
during the period of the lease, what happens to the leased property?
A: Attorney Arcadier : The lease is an asset to Ann's estate, so her heirs get it for the remainder of the lease period. JACUSTOMER-dr97yxqq- : I have to have 200 words Attorney Arcadier : I did this for you in another question, [ the flsa question and you still have not clicked accept. JACUSTOMER-dr97yxqq- : I have clicked accepted in the flsa question, now can this question be answered in 200
words. Attorney Arcadier : ok... hold on... Attorney Arcadier : When an individual enters into a lease it is entering into a property interest with the landlord where the tenant and his heirs have an interest in the lease term, and landlord has an interest in enforcing lease to Ann or her heirs. This is assuming of course that their is right of survival, and not that lease automatically ends upon demise of tenant. During the time in which the lease is in place, and the heirs default on the property, the landlord must make reasonable efforts to release the lease. However, will the property remains vacant, the estate of ann is responsible for the contract terms. In reality, what happens is that the lease, along with all other assets and liabilities of ann goes into probate for court administration. In any event at the expiration of the lease term, the leased property automatically reverts to landlord. JACUSTOMER-dr97yxqq- : i need about 60 more words for it to be 200 words. Attorney Arcadier : The fact that the lease automatically expires at end of the year without a notice requirement is also an important element that ensures landlord gets his or her property back at the end of the contract term. This defines the lease as a fixed set value which will facilitate a probate proceeding when the liability is assessed on the estate. So, while lease term is in place, lease is property of ann's estate and property reverts automatically back to owner at expiration of lease term. ]
ruinmayer|Points 0|
Asked 10/3/2013 2:07:13 AM
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