What is a co-tenancy clause?

A co-tenancy clause in retail lease contracts allows tenants to reduce their rent if key tenants or a certain number of tenants leave the retail space. A co-tenancy clause provides the tenant with some form of protection in the form of reduced rent to compensate for the loss of traffic.

Can two people be on a tenancy agreement?

Most tenancy agreements give you the right to live in your home along with your husband, wife or partner and other members of your family. This means that as long as one of you is a tenant and has your name on the tenancy agreement, your partner has a right to live there with you.

What is a co-tenancy clause in a commercial lease?

A co-tenancy clause, sometimes called a co-tenancy provision, is language in a typical commercial lease agreement that provides the lessee (tenant) with rent relief or some other remedy if a certain number of tenants leave the property or if total occupancy falls below a certain level.

What is a co lease?

A co-leasing clause may be more commonly known as a co-tenancy clause. This lease clause allows tenants to reduce their rent or even terminate their rental agreement early in the event that other key tenants leave the retail space and there is reduced traffic as a result.

What does C O mean in lease?

When several unrelated adults intend to occupy a rental unit, the landlord develops a co-occupancy rental agreement. While there is no standard rental agreement, a co-occupancy agreement has many components of a rental agreement that is developed for a single person.

What happens if joint tenants who are in a relationship split up?

If you’re joint tenants and you both want to leave, either you or your ex-partner can end the tenancy by giving notice. You’ll both need to move out. If your landlord doesn’t update the tenancy agreement, you’ll both still be responsible for rent and the person who leaves can still give notice to end the tenancy.

What is tenant with co tenant?

Cotenants are two or more tenants who rent the same property under the same lease or rental agreement. This includes making sure the landlord has the total amount for rent even if one tenant doesn’t pay their share of the rent and being financially responsible for any damage another cotenant does to the property.

What is a co landlord?

Primary tabs. Cotenants are two or more tenants who rent the same property under the same lease or rental agreement. Each cotenant will have a rental agreement with the landlord and are therefore 100% responsible for carrying out the rental agreement.

What happens if I cosign a lease?

A cosigner is someone who signs a lease with a renter and assumes responsibility to pay the rent if the renter fails to do so. When you cosign someone’s lease, you guarantee that you will cover all payable dues owed to the landlord in case the tenant cannot pay up, be that rent or even damages.

What is co occupancy?

It exists where an entire estate or interest in land is vested simultaneously (at the same time) in the two or more co owners. Each of them possesses the entire joint property by every part and by the whole.

What does co occupancy mean?

Certificate of Occupancy
A Certificate of Occupancy (sometimes referred to as a Use-and-Occupancy Certificate or a “CO”) is a document that proves the building complies substantially with the plans and specifications that have been submitted and approved by the local building or zoning authority.

What is a co tenancy agreement?

Co-Tenancy Agreement. This means a Landlord can pursue one or all of the Co-Tenants for items such as outstanding rent, cleaning, damages, etc. It is advisable that Co-Tenants develop adequate arrangements for the payment of the rent and household bills when they enter into a Co-Tenancy agreement.

What does cotenants mean?

cotenant (plural cotenants) (property law) A person who shares a tenancy with another; a co-owner of an interest in property.

What is a co tenant?

CO-TENANTS. Refers to two or more tenants who are on the same lease or rental agreement, sharing the same property. Each co-tenant is completely responsible for the lease (joint and several) and are responsible for damage caused by other co-tenants.

What is a tenant lease?

A credit tenant lease is a method of financing real estate. The landlord borrows money to finance the property and pledges as security the rents to be received from the tenant.