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.
Cook Illinois is a leading provider of lease or rental options for vacant properties or lots, allowing lessees the right to construct improvements on the land. With a variety of options available, Cook Illinois caters to various needs and requirements of businesses, developers, and individuals. One type of Cook Illinois lease or rental agreement is the Commercial Lease with Construction Rights. This option is ideal for businesses looking to establish a physical presence, expand their operations, or construct buildings suitable for their specific needs. Lessees have the opportunity to develop the property according to their requirements, whether it be retail spaces, office buildings, or industrial facilities. Cook Illinois provides the necessary flexibility and support for lessees during the construction process, ensuring a seamless and efficient experience. Another type of Cook Illinois lease or rental option is the Residential Lease with Construction Rights. This option is perfect for developers or individuals who want to build their dream home or residential project on a vacant lot or property. Lessees are granted the right to construct residential buildings, allowing them to customize the design, layout, and features to suit their preferences. Cook Illinois provides guidance throughout the construction process, ensuring compliance with local regulations and building codes. In addition to the commercial and residential options, Cook Illinois also offers an Industrial Lease with Construction Rights. This type of lease or rental agreement is tailored for industrial developers or businesses seeking to construct manufacturing plants, warehouses, or distribution centers. With the flexibility to design and build industrial facilities according to specific operational requirements, lessees can maximize efficiency and productivity. Cook Illinois provides expertise in zoning regulations, infrastructure requirements, and other factors essential for successful industrial construction projects. Overall, Cook Illinois offers a range of lease or rental options for vacant properties or lots, providing lessees with the right to construct improvements. Whether it is for commercial, residential, or industrial purposes, Cook Illinois ensures a comprehensive and hassle-free experience for lessees, enabling them to bring their vision to reality. Partnering with Cook Illinois opens up opportunities for businesses, developers, and individuals to create and enhance their properties, contributing to the growth and development of the local community.
