What is Tenancy-at-will?
Tenancy-at-will, sometimes known as an “Estate-at-will”, is a type of land ownership that does not need a lease or any other officially documented contracts and is solely dependent on the landlord and homeowner's will.
Understanding Tenancy-at-will
A tenancy-at-will has no set rules addressing the length of the resident's stay or the money transfer; as a result, renters and landowners who want the freedom to renegotiate the terms of the rental agreement as needed while having to write a new contract can benefit from it.
It also allows the renter or the owner to end it at any time. This type of contract has a significant disadvantage: one party can cancel the deal at any moment they deems appropriate, which might cause problems to the other party, who may not find it acceptable to dissolve the contract at that point.
Practical Example
Reese is a single man in need of a temporary residence. Adam owns a house and is happy to allow Reese to reside there for the time being. Reese, here is a tenant-at-will, which means he can stay as long as Adam allows him; there is no set renting duration or even a set rent plan.
In Sentences
- Tenancies-at-will usually include people acquainted with one another, which can occur amongst family and friends.