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.
Wake North Carolina offers a variety of Lease or Rental options for vacant properties or lots with the added right for lessees to construct improvements. These leases provide individuals or businesses with the flexibility and opportunity to utilize and develop the property according to their specific commercial or residential needs. The leases are designed to cater to different types of lessees and their unique requirements. 1. Commercial Lease with Construction Rights: This type of lease is specifically tailored for businesses looking to establish or expand their operations in Wake County, North Carolina. Lessees have the right to construct improvements such as office buildings, warehouses, retail spaces, or manufacturing facilities on the leased property. 2. Residential Lease with Construction Rights: This lease is ideal for individuals or families seeking to build their dream home on a vacant lot in Wake County. Lessees can design and construct residential improvements, including single-family houses, townhouses, or multi-unit dwellings, based on their preferences and needs. 3. Mixed-Use Lease with Construction Rights: This versatile lease option caters to lessees who require a combination of commercial and residential spaces. It allows for the construction of a mixed-use development, such as a building with commercial units on the first floor and residential units on the upper floors. 4. Land lease with Construction Rights: This type of lease appeals to developers or investors interested in utilizing the vacant land for various purposes. Lessees have the right to construct improvements like recreational facilities, parking structures, or even additional land subdivisions for future sale or lease. Each lease or rental agreement grants lessees the exclusive rights to the property during the lease term, giving them full control over construction activities and improvements on the premises. Wake North Carolina's leasing options provide a fruitful opportunity for individuals, businesses, and developers to bring their visions to life in this vibrant county.
