Holdover definitions
| Word backwards | revodloh |
|---|---|
| Part of speech | The word "holdover" can function as a noun or an adjective. |
| Syllabic division | hold-o-ver |
| Plural | The plural of holdover is holdovers. |
| Total letters | 8 |
| Vogais (2) | o,e |
| Consonants (5) | h,l,d,v,r |
Holdover is a term commonly used in the real estate industry to refer to a tenant who remains in a rental property after their lease has expired. In this situation, the tenant is said to be holding over until a new lease agreement is reached or until they vacate the property.
Importance of Holdover Agreements
When a tenant holds over, it can create uncertainties for both the landlord and the tenant. To avoid potential legal issues, it is essential to have a holdover agreement in place that outlines the terms and conditions under which the tenant can remain on the property after the lease has expired.
Legal Implications
Without a holdover agreement, the tenant may be considered a trespasser, and the landlord may have grounds to evict them. By having a written agreement in place, both parties are clear on the terms of the holdover period, such as the rent amount, duration, and any other conditions that need to be met.
Resolving Holdover Situations
If a tenant continues to hold over without a holdover agreement, the landlord may choose to take legal action to enforce the terms of the original lease or to evict the tenant. It is in the best interest of both parties to resolve holdover situations amicably to avoid costly and time-consuming legal proceedings.
In conclusion, holdover situations can be complex and challenging for both landlords and tenants. Having a clear holdover agreement in place is crucial to addressing any issues that may arise and ensuring a smooth transition for all parties involved.
Holdover Examples
- The holdover from last year's event was causing confusion among the attendees.
- As a holdover from her childhood, she still believed in Santa Claus.
- The old traditions were a comforting holdover for the community.
- The vintage car was a holdover from a bygone era.
- The outdated software was a holdover from a previous system upgrade.
- His accent was a holdover from his time living abroad.
- The crumbling ruins were a holdover from ancient times.
- The old bridge was a holdover from a time when horse-drawn carriages crossed the river.
- The political policy was a holdover from the previous administration.
- The antique furniture was a holdover from the Victorian era.