What is the maxium length of a rental (home), lease agreement?
Full Question:
Answer:
The rule against perpetuities is aimed at the control of future interests in property, especially real property. It prohibits the grant of an estate where the persons entitled to inherit a future interest cannot be determined with absolute certainty within 21 years after the death of someone alive when the interest was created. In other words, in order to transfer a future interest in property, the transfer must be guaranteed to take place within 21 years after the death of a certain living person. For example, if the transfer is dependent on a future marriage of a child born to a living person, this might violate the rule since there is no certainty that the child will be born or will marry within that time.
To avoid invalidation under the rule, it is common practice to put "savings clauses" in instruments. These clauses basically state that if the interest created should be deemed to violate the rule against perpetuities it shall terminate one day before twenty-one years after the last life in being has passed. A tenancy without a specific duration, as defined in Section 83.46(2) or (3) of the Florida Code, may be terminated by either party giving written notice in the manner provided in Section 83.56(4), as follows: (1) When the tenancy is from year to year, by giving not less than 60 days' notice prior to the end of any annual period; (2) When the tenancy is from quarter to quarter, by giving not less than 30 days' notice prior to the end of any quarterly period; (3) When the tenancy is from month to month, by giving not less than 15 days' notice prior to the end of any monthly period; and (4) When the tenancy is from week to week, by giving not less than 7 days' notice prior to the end of any weekly period.