Question

Assume that you are a freshman and live in your school's dormitory. The agreement you've signed with the school states that you may move in on September 1 and must vacate the room by May 31 of the following year. Should you wish to live in the dormitory during your sophomore year, you must sign a completely new contract with the school. Your agreement with the school best approximates a

Answer 1

Your agreement with the school best approximates a tenancy for years.

What is tenancy?

• A legal arrangement known as tenancy in common (TIC) allows two or more persons to jointly hold a piece of real estate or a plot of land.
• The amount of total property, whether commercial or residential, under the ownership of each independent owner may be equal or different.
• Tenants in common refers to the parties. One of the three types of joint ownership is tenancy in common.
• Joint tenancy and entire tenancy are the other two categories. When a tenant in common passes away, their portion of the property falls to their estate, where a beneficiary of the share of property may be named. A TIC has no right of survivorship.

The dormitory agreement has a starting and ending point making it a tenancy for years.

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