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.
Chicago, Illinois is a vibrant city known for its architectural beauty, diverse culture, and thriving economy. For those looking to lease or rent a vacant property or lot in Chicago with the added benefit of having the right to construct improvements, there are several options available. 1. Commercial Lease or Rental: This type of lease is suitable for entrepreneurs and businesses looking to establish or expand their operations in the city. With the right to construct improvements, lessees can customize the property or lot to suit their specific needs, whether it be for retail, office space, or industrial use. 2. Residential Lease or Rental: If you're in search of a vacant lot or property for residential purposes, Chicago offers an array of options. With the right to construct improvements, renters or lessees can build or remodel their dream homes, ensuring personalized living spaces that meet their unique lifestyles and preferences. 3. Mixed-Use Lease or Rental: For individuals or businesses seeking a combination of residential and commercial spaces, a mixed-use lease or rental can be a great choice. These properties often feature a combination of units, allowing lessees to create customized living spaces alongside commercial or retail areas, promoting convenience and potential business opportunities. 4. Development Lease or Rental: Chicago boasts several development projects and areas designated for future growth and revitalization. Developers, investors, or entrepreneurs can opt for this type of lease to obtain vacant properties or lots with the right to construct improvements, facilitating the creation of new residential, commercial, or mixed-use spaces that contribute to the city's overall development plan. 5. Long-term Lease or Rental: If you are looking for stability and a long-term commitment, there are options available for leasing vacant properties or lots on a long-term basis. These agreements offer the lessee the right to construct improvements, enabling them to invest in the property, create value, and establish roots in the community. Overall, Chicago, Illinois provides a variety of lease or rental options for vacant properties or lots with the added advantage of allowing lessees to construct improvements. Whether it's for commercial, residential, mixed-use, development, or long-term purposes, these opportunities allow individuals and businesses to shape their spaces and contribute to the growth and vibrancy of the city.
