statutory lease

A statutory lease is a legal agreement created automatically by law when certain conditions are met, often involving longstanding tenant-landlord relationships. It grants the tenant specific rights to occupy a property and imposes duties on the landlord, such as maintenance. Unlike a formal, written lease, a statutory lease arises from statutory rights and obligations, providing security for tenants and defining the terms of occupation without requiring a prior explicit agreement. It helps regulate residential rentals and protects tenants by preserving their tenancy rights under applicable laws.