Property Management
In Ohio, a 'holdover tenant' who continues to occupy commercial space after lease expiration may be treated as:
AA trespasser who may be removed without legal process
BA tenant at sufferance or month-to-month tenant, depending on landlord's actions✓ Correct
CAutomatically entitled to a one-year renewal of the prior lease
DEntitled to continue in possession until the landlord finds a new tenant
Explanation
In Ohio, a holdover commercial tenant becomes a tenant at sufferance unless the landlord accepts rent, which may convert the holdover into a periodic (month-to-month or year-to-year) tenancy.
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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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