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It is a kind of fixed-term lease agreement used in tenancy reference that binds two parties for weeks, months, or years. If a property is given on rent, virtually any period will be called “for years”.
Such contracts can last for a day or be extended for up to 100 years (as in Massachusetts). It is based on predetermined periodic payments and requires the lessor to surrender the use of his / her leased assets.
There are multiple regulations - in some the beginning dates and the end is predefined or, the end date may not be mentioned in exceptional cases, or the occupier may be allowed to stay on the premises after 6 months (or more) of signing it.
The landlord is not obliged to send the renter notice of termination but if they die before the term ends, the property interest can be inherited by the one mentioned in the will or as per the laws mentioned in the interstate succession.
Unless the contract creates the leasehold interest, the “estate for years” ends automatically on the midnight of the day specified.
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