An arrangement allowing a tenant to occupy a property for an indefinite period is characterized by the freedom of either the landlord or the tenant to terminate the agreement at any time. This form of occupancy exists without a lease or written agreement and usually involves the tenant paying rent to the landlord. An example would be an individual residing in a property after the expiration of a lease with the consent of the owner while both parties consider future arrangements.
The significance of this flexible arrangement lies in its adaptability for short-term occupancy needs. It provides a practical solution when a long-term lease is not desirable or feasible. Historically, these arrangements were more common and offered a simple way for property owners to allow occupancy without the rigid constraints of formal lease agreements. The inherent flexibility can be advantageous in fluid situations, such as pending property sales or renovations.
