Property Ownership
What is a 'tenancy at will' in Illinois landlord-tenant law?
AA tenancy that terminates automatically on the death of either party
BA tenancy that can be terminated by either party with proper notice, typically 30 days✓ Correct
CA tenancy where the landlord can evict the tenant without cause at any time
DA tenancy created by a will (estate document)
Explanation
A tenancy at will is a leasehold estate that continues at the pleasure of both parties and can be terminated by either party with proper notice (typically 30 days in Illinois). Unlike a month-to-month tenancy (which is based on regular rental periods), a tenancy at will has no fixed period.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
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DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
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