Tenancy

A situation that arises when one individual conveys real property to another individual by way of a lease. The relation of an individual to the land he or she holds that designates the extent of that person's estate in real property.

A tenancy is the occupancy or possession of land or premises by lease. The occupant, known as the tenant, must acquire control and possession of the property for the duration of the lawful occupancy. A tenancy can be created by any words that indicate the owner's intent to convey a property interest on another individual.