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.
South Dakota Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements is a legal agreement that allows an individual or organization (the lessee) to lease or rent a vacant property or lot in South Dakota with the added right to construct improvements on the property. This type of lease agreement is common for development projects, commercial properties, or residential properties where the lessee intends to build or make improvements. In this lease agreement, the lessee typically obtains the authority to construct improvements on the property, ranging from simple renovations to major construction projects. The specific details and limitations pertaining to the construction are outlined in the agreement. Both parties, the lessor (owner of the property) and the lessee, must agree upon these terms and conditions. Different types of South Dakota Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements may include: 1. Commercial Property Lease with Construction Rights: This agreement is used when leasing a vacant property or lot for commercial purposes. The lessee can undertake construction activities to adapt the property to their specific business needs, such as building offices, adding storage facilities, or modifying the layout. 2. Residential Property Lease with Construction Rights: This type of lease allows the lessee to make improvements to a vacant residential property or lot. The lessee may have the right to add additional rooms, remodel existing structures, or enhance the property's overall functionality. 3. Development Lease with Construction Rights: This agreement is commonly utilized for large-scale development projects, such as housing estates, shopping centers, or industrial parks. The lessee can construct multiple structures on the leased property, including residential, commercial, or industrial buildings, as per the terms agreed upon. 4. Land Lease Agreement with Construction Rights: In this scenario, the lessee leases a vacant lot with the permission to construct improvements on the land. The lessee may construct anything from a small shed or garage to larger structures like warehouses, depending on the intended use of the property. When entering into a South Dakota Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements, it is crucial for both parties to ensure that all relevant terms, obligations, and legalities are properly documented and agreed upon. Consulting with legal professionals experienced in real estate and construction law is highly recommended ensuring compliance with local regulations and the protection of both parties' interests.
