Business, Legal & Accounting Glossary
n. the situation when a tenant of real estate continues to occupy the premises without the owner’s agreement after the original lease or rental agreement between the owner (landlord) and the tenant has expired. The tenant is responsible for payment of the monthly rental at the existing rate and terms, which the landlord may accept without admitting the legality of the occupancy. A holdover tenant is subject to a notice to quit (get out) and, if he/she does not leave, to a lawsuit for unlawful detainer.
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This glossary post was last updated: 28th April, 2020 | 0 Views.