Periodic Estate

A periodic estate, also known as a periodic tenancy, in real estate refers to a lease agreement that continues for successive periods until either the landlord or the tenant chooses to terminate it. Unlike a fixed-term lease, which has a specific end date, a periodic estate automatically renews at the end of each rental period (such as month-to-month or week-to-week) unless one of the parties gives proper notice to terminate the agreement. This type of tenancy offers flexibility but also requires adherence to the terms of notice specified in the lease for termination.