Contracts
A South Carolina lease that runs for a definite period (e.g., one year) is called:
APeriodic tenancy
BEstate for years (term tenancy)✓ Correct
CTenancy at will
DHoldover tenancy
Explanation
An estate for years (also called a term tenancy) is a lease for a fixed, definite period of time with a clear start and end date. It does not require notice to terminate—it ends automatically at the stated date.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Earnest MoneyA 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.
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