A tenancy at will is a rental arrangement without a fixed term — terminable by either party with proper notice. Uncommon in LA multifamily; most arrangements are month-to-month or fixed-term leases.
Distinct from month-to-month, tenancy-at-will has even less structure. In California, tenancies without fixed terms default to month-to-month treatment with 30-day termination notices by either party. Pure tenancy-at-will arrangements are rare.
For LA multifamily, tenancy-at-will arrangements are almost always treated as month-to-month for legal purposes. Sellers should convert informal arrangements to documented month-to-month leases during pre-listing preparation.
From the Sterman LA Multifamily Glossary — defined the way a broker with $1.41 billion across 254 closed transactions actually uses these terms.
Michael Sterman, Senior Managing Director Investments, Marcus & Millichap.
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