The agreement by which one party holds possession of the real property owned by another is a lease. The person who owns the real property is known as the lessor or landlord. The lessee, or tenant, is the one who occupies the property.
The relationship of landlord and tenant is created by contract. An oral lease is valid at common law, but statutes in most States require written leases for certain tenancies. Many States provide that a lease for a term exceeding three years must be in writing. Statutes in other States require written leases when the term exceeds one year.
The following elements are necessary to the establishment of the relationship of landlord and tenant:
" The occupying of the land must be with the consent of the landlord.
" A reversionary interest in the land must remain in the landlord. That is, the landlord must be entitled to retake the possession of the land upon the expiration of the lease.
" The tenant must have present possession in the land. This means a right to be in possession of the land now.
Guam Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements: In Guam, individuals or businesses interested in utilizing vacant properties or lots for various purposes can enter into a lease or rental agreement, granting them the rights to construct improvements on the land. Guam's real estate market offers different types of leases or rentals with diverse terms and conditions tailored to meet the needs of lessees. There are several types of Guam Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements: 1. Long-term Lease or Rental: This type of agreement typically extends for a significant duration, often spanning multiple years. Long-term leases provide lessees with stability and the opportunity to make substantial investments in constructing improvements that align with their intended use for the property. Such improvements might include the construction of buildings, parking facilities, or infrastructure. 2. Short-term Lease or Rental: These agreements offer lessees the flexibility to utilize the property for a shorter duration. They are ideal for businesses or individuals in need of temporary use of space, such as event organizers, seasonal businesses, or construction projects with fixed timelines. Short-term leases allow lessees to construct necessary improvements during their tenure. 3. Build-to-Suit Lease or Rental: Build-to-suit leases offer lessees the unique advantage of having the lessor or property owner construct improvements based on specific requirements provided by the lessee. This type of agreement is often found in commercial real estate where businesses require customized structures, such as offices, warehouses, or retail spaces. The lessee can focus on their operations while the lessor takes responsibility for constructing the requested improvements. 4. Ground Lease or Rental: Ground leases involve renting or leasing the land itself, typically for an extended period, while the lessee constructs any necessary improvements. In this arrangement, the lessee gains the exclusive right to use the land, provided they adhere to predetermined terms and conditions. The lessee may construct various improvements, such as residential buildings, commercial complexes, or recreational facilities. 5. Triple Net Lease or Rental: Under a triple net lease agreement, the lessee is responsible for the costs of not only constructing improvements but also maintaining and managing the property. Additionally, the lessee pays for insurance, property taxes, and all operating expenses associated with the leased property. This arrangement allows lessees greater control over the property and the freedom to customize and maintain the improvements to their specific requirements. In conclusion, Guam offers a range of lease or rental options for vacant properties or lots, granting lessees the right to construct improvements based on the type of lease agreement entered into. Whether seeking a long-term arrangement, build-to-suit option, or ground lease, lessees can find a suitable solution that aligns with their specific needs and ensures the successful execution of their intended use for the property.
