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.
Wayne Michigan offers a variety of lease or rental options for vacant properties or lots, allowing lessees to construct improvements and utilize the space to their advantage. These arrangements are commonly known as "Wayne Michigan Lease or Rental of Vacant Property or Lot with Lessee to have the right to Construct Improvements." Here are some types of leases or rentals available in Wayne, Michigan, along with relevant keywords: 1. Commercial Lease: Wayne Michigan provides opportunities for commercial enterprises to lease vacant properties or lots. Lessees have the right to construct improvements that align with their business needs. Keywords: Wayne Michigan commercial lease, lease vacant commercial property in Wayne, construct improvements for commercial lot in Wayne. 2. Residential Lease: Wayne Michigan also offers vacant properties or lots for residential purposes. Lessees have the freedom to construct improvements such as residential dwellings or other amenities. Keywords: Wayne Michigan residential lease, lease vacant residential property in Wayne, construct improvements for residential lot in Wayne. 3. Industrial Lease: Wayne Michigan caters to industrial enterprises seeking suitable spaces for their operations. Lessees can lease vacant lots or properties tailored to industrial activities, with the right to construct improvements that suit their specific needs. Keywords: Wayne Michigan industrial lease, lease vacant industrial property in Wayne, construct improvements for industrial lot in Wayne. 4. Mixed-Use Lease: Wayne Michigan recognizes the demand for versatile properties that accommodate both commercial and residential purposes. Lessees can lease vacant lots or properties to create mixed-use developments, combining commercial and residential spaces with constructed improvements. Keywords: Wayne Michigan mixed-use lease, lease mixed-use property in Wayne, construct improvements for mixed-use lot in Wayne. 5. Agricultural Lease: Wayne Michigan understands the significance of agriculture in the region. Lessees can lease vacant properties or lots for agricultural purposes, such as farming or livestock rearing, with the right to construct improvements tailored to their farming needs. Keywords: Wayne Michigan agricultural lease, lease vacant agricultural property in Wayne, construct improvements for agricultural lot in Wayne. In summary, Wayne Michigan offers diverse leasing options for vacant properties or lots, allowing lessees to construct improvements that align with their specific requirements, whether for commercial, residential, industrial, mixed-use, or agricultural purposes.
