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.
Franklin Ohio offers various options for leasing or renting vacant properties or lots, granting lessees the right to construct improvements. These arrangements are ideal for individuals or businesses looking to establish their presence in the area, expand their operations, or pursue development projects. One type of Franklin Ohio lease or rental involves commercial properties. These can include retail spaces, office buildings, or industrial complexes. Lessees have the opportunity to lease a vacant property or lot and customize it to fit their specific business needs. This type of lease often allows for the construction of improvements such as interior renovations, exterior enhancements, or even the construction of new spaces within the existing structure. Another type of lease available in Franklin Ohio is residential leasing or rental of vacant properties or lots. This can be an attractive option for individuals or families looking for a place to build their dream home. Lessees have the right to construct improvements on the lot, allowing them to design and build a customized residential property that aligns with their preferences and requirements. Furthermore, Franklin Ohio offers lease or rental options for vacant properties or lots with the potential for mixed-use development. These types of leases allow for a combination of commercial and residential usage within the same property or lot. Lessees have the liberty to construct improvements that cater to both business and residential needs, creating a dynamic and versatile space that can accommodate a wide range of activities. The flexibility of Franklin Ohio's lease or rental agreements allows lessees to create spaces that are tailored to their specific goals and objectives. Whether it is establishing a new business, constructing a dream home, or pursuing a mixed-use development project, these lease or rental arrangements provide the necessary freedom to make these visions a reality. By leasing or renting vacant properties or lots, individuals and businesses can benefit from the potential growth and opportunities that Franklin Ohio has to offer.
