Most people tend to live within the premises of an apartment, condominium, townhouse, or what have you, based on a lease contract with the landlord, the actual person who owns the property. However, these contracts often have an expiration date wherein the person leasing, referred to as a tenant, may choose to leave and live elsewhere or stay and continue the lease. However, a more informal agreement may be entered into by the landlord and tenant. When the tenant wishes to continue living within the premises based on the same terms and policies of the previous lease contract, this is referred to as tenancy at will.
This form of lease is found to be used when the tenant and landlord have had a previous landlord-tenant relationship that proved to be trouble-free. An agreement is reached between the tenant and the landlord for the tenant to remain within the leased premises until notice is given by either the landlord or the tenant to vacate the premises.
Tenancy at will is usually done on a month-to-month basis and at the discretion of the landlord and tenant. However, it is possible for a tenancy at will to be terminated when the landlord loses ownership over the leased premises. This usually occurs when the landlord loses his or her property due to his or her inability to meet mortgage payments. Otherwise, it is the choice of the landlord to terminate the tenancy at will at any given time, as long as he or she provides at least 30 days notice.