Often called a "tenancy at will," this estate occurs when the landlord allows the tenant to possess the real property for an indefinite period, usually until an anticipated event occurs. This is often the type of leasehold arrangement created when the property owner is selling the property, marketing the rental unit to a third-party renter or awaiting a future time when the property owner wants to use the property himself or herself.
For example, the strip mall owner allows Ophelia to place her antique wares in the neighboring empty store while the owner-landlord finds a new tenant. With a tenancy (estate) at will arrangement, Ophelia would have to move out her items as soon as a new tenant is found. Either party can terminate this tenancy with sufficient notice, or upon the death or insanity of either party.
Just as with the periodic estate, proper notice is required to terminate an estate at will.
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