Final answer:
A reversionary estate gives the landlord the right to immediate possession of the property after the lease term ends, as outlined in the lease agreement. Tenants who overstay may incur additional rent and damages. Understanding contractual rights is crucial for legal recourse in tenancy disputes.
Step-by-step explanation:
The concept of a reversionary estate refers to the interest a landlord retains in a property during the time a tenant occupies it under a lease. In a reversionary estate, the landlord has the right to immediate possession of the property upon the termination of the lease term. This means that once the lease expires, and provided the tenant does not renew the lease or continue to occupy the property (possibly on a month-to-month basis as per some lease agreements), the landlord is entitled to take back control and possession of their property.
The lease agreement typically outlines the conditions upon which the lease will terminate and the rights of the landlord post-termination. If a tenant holds over, or continues to occupy a residence past the agreed lease term without the landlord's consent, they may be liable for additional rent and damages, especially if this overholding causes the landlord to lose potential new renters.
It is essential for both landlords and tenants to understand their contractual rights and obligations, as these contracts are based on property rights which allow for legal recourse in cases of disputes or failure to vacate premises at the end of a tenancy.