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.
Title: Understanding Oklahoma's Lease or Rental of Vacant Property or Lot with Lessee's Right to Construct Improvements Introduction: Oklahoma offers a unique lease or rental option to individuals and businesses seeking to develop vacant properties or lots. This arrangement allows lessees to construct improvements on the leased property, providing them with the opportunity to create a customized space that suits their specific needs. In this article, we will delve into the details of Oklahoma's lease or rental of vacant property or lot with lessee's right to construct improvements, exploring its types and key features. Types of Oklahoma Lease or Rental of Vacant Property or Lot with Lessee's Right to Construct Improvements: 1. Commercial Lease with Construction Rights: This type of lease agreement is specifically designed for businesses or commercial entities looking to lease a vacant property or lot for constructing commercial buildings, retail spaces, offices, or warehouses. It grants the lessee the right to construct improvements according to their business requirements. 2. Residential Lease with Construction Rights: This type of lease agreement caters to individuals or families who wish to lease a vacant lot or property in Oklahoma to build their dream home. It allows lessees to construct residential improvements such as houses, apartments, or other types of dwellings, customizing them to their preferences. 3. Industrial Lease with Construction Rights: This lease type revolves around the leasing of vacant lots or properties for industrial purposes, including manufacturing plants, distribution centers, or other industrial facilities. Lessees are given the right to construct improvements specific to industrial operations, enabling them to optimize their business processes. Key Features of Oklahoma Lease or Rental of Vacant Property or Lot with Lessee's Right to Construct Improvements: 1. Customizable Development: Lessees are granted the unique opportunity to design and construct improvements according to their specific requirements and preferences. This allows for tailored solutions that meet the lessee's business or residential needs efficiently. 2. Long-term Leases: These lease agreements typically span over long periods, providing lessees with stability and an extended duration to execute their construction plans. This allows for more significant investments and infrastructure development. 3. Received Return on Investment (ROI): As lessees have the right to construct improvements on the leased property, they can further enhance the value of the property through their developments. This potential increase in property value provides the lessee with the opportunity to receive a return on their investment when the lease term ends or if they decide to sell the property. 4. Leasehold Finance Options: Lessees may explore leasehold financing options to fund the construction of improvements, reducing the initial financial burden. This enables lessees to allocate resources to the development of the property rather than the outright purchase. Conclusion: Oklahoma's lease or rental of vacant property or lot with lessee's right to construct improvements offers a flexible and dynamic option for businesses and individuals seeking to develop their own spaces. Whether for commercial, residential, or industrial purposes, this arrangement empowers lessees to create tailored improvements that align with their needs and aspirations. With long-term leases and potential returns on investment, this lease type presents a promising opportunity for lessees looking to establish a presence in Oklahoma.
