Real Estate And Property Law For Paralegals Free Essay Example, 5250 words

The clients buy the property not according to their need, but according to the demand in the market. Since the mid-nineties, there has been sharp growth in the property market leading to a rise in demand for rental property. Land investment has always been a good option for clients, both for personal and commercial use. Clients have plenty of options such as they can sell it at a higher rate, they can build homes and make it a residential complex, or make it a commercial complex and so forth. Investing in business property is also catching up quickly since there is a demand for commercial premises within cities and also in the suburbs of the cities. The dividends are high because they are used for commercial purpose. Apart from these things, clients also buy property abroad and keep it as their holiday home or they can rent it out through the agencies. There are various types of housing tenancies. The protection from eviction that tenants enjoy varies according to the type of tenanc y. Most of the private housing tenancies that were created since February 28, 1997, are assured shorthold tenancies (Bevans 2008). We will write a custom essay sample on Real Estate And Property Law For Paralegals or any topic specifically for you Only $17.96 $11.86/pageorder now This type of tenancy has a fixed term of usually of 6 months or one year. A landlord is allowed to end the tenancy at the end of the fixed term whether or not there are any rent arrears. Even so, the landlord will have to obtain a court order before taking possession. Assured shorthold tenancies provide protection to both the tenant and landlord. A tenant cannot be evicted without a court order and a landlord need not be stuck with a troublesome tenant. A tenancy created between January 15, 1989, and February 28, 1997, will be an assured shorthold tenancy only if the landlord served a notice on the tenant letting them know that it was a shorthold tenancy (Bevans 2008). The assured shorthold tenancies do not automatically come to an end after the expiry of a fixed term. If the tenant and landlord do not enter into a new tenancy agreement the tenant may continue renting the property under a statutory periodic tenancy.