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Types of Tenancies

Usually, when one thinks of the relationship between a landlord and a tenant, what comes to mind is a lease agreement between the parties where the tenant agrees to stay in the leased premises for a specified period of years and pay an agreed upon rent for the privilege of doing so. In actuality, the scenario described above is just one type of tenancy, a tenancy for years. The types of landlord/tenant relationships are as follows:

Percolation Tests

A percolation test, or "perc test," is performed on undeveloped land in order to determine whether the land is absorbent enough to support the installation of a septic system. Typically, the test is performed by a hydraulic engineer.

Homeowners' Associations

As the name suggests, a homeowners' association is a group of homeowners. Homeowners' associations function within condominiums, co-operatives, and planned neighborhoods.

Bi-Weekly Payment Plans

Today, many homeowners opt to re-pay their mortgage obligations through bi-weekly payment programs. In fact, many mortgage lenders allow homeowners to make the election when the homeowner obtains the financing to purchase a new home.

Flipping Scams

In recent years, so-called "flipping scams" have received widespread attention in the media. How does it work?