Property Management
An Indiana residential lease that does not specify a term is presumed to be:
AA week-to-week tenancy
BA month-to-month tenancy✓ Correct
CA year-to-year tenancy
DA tenancy at will terminable immediately
Explanation
Under Indiana law, if a residential lease does not specify a term, it is presumed to be a month-to-month (periodic) tenancy. Either party can terminate with 30 days' notice.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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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