Tenancy at will
National Real Estate Exam glossary · Leasing/Management
Definition
A leasehold of indefinite duration that continues only so long as both landlord and tenant agree, terminable by either party (subject to statutory notice). It ends automatically on the death of either party or sale of the property.
Tenancy at will in plain English
A tenancy at will is a rental with no set end date that lasts only as long as BOTH sides still want it — either the landlord or the tenant can end it, usually after giving a required heads-up notice. Think of a month-to-month arrangement based on a handshake: it just keeps rolling until someone says 'I'm done.' Because it depends entirely on the two people agreeing, it also ends automatically if either one dies or if the owner sells the property. The name is literal — it continues at the 'will' (wish) of the parties.
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