How Privity Fits In First things first! The legal principle of privity is relevant when it comes to assignments and subletting. Here's a quick description that should help. There are two types of privity (a lease has both): Privity of Estate: From a legal perspective, privity of estate exists when two or more parties (such as a landlord and tenant) have an interest in the same property. In this...
There are six common lease types (keeping in mind that there are variations in the marketplace): Gross Lease: Tenant pays fixed rent and the landlord is responsible for all operating expenses. A hybrid version (sometimes referred to as a modified gross lease) is found in the marketplace in which landlords include a reescalation clause in the lease to mitigate unexpected increases in operating costs...
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