Property Management
In Ohio, when a tenant's lease expires and the landlord accepts another month's rent, the tenancy automatically becomes:
AA new two-year lease on the same terms
BA month-to-month periodic tenancy on the same terms as the original lease✓ Correct
CA tenancy at sufferance
DA tenancy at will terminable without notice
Explanation
When a landlord accepts rent after a lease expires, it creates a periodic (month-to-month) tenancy on the same terms as the original lease, requiring proper notice to terminate.
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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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