The Art of Real Estate » understanding a lease

The Lease — Broken Down: 4

Heather — Wed, 27 Jan 2010 00:00:54 +0000

Now that you understand everything that needs to go into a lease and you understand exactly what a lease is and why it is important, it is now time for us to talk about ending a lease. Now, if you are a landlord, you can actually end a rental lease early, you just have to have a mutual agreement.

This is where it can get really, really tricky, because if you have a very hard-to-live with tenant, they are obviously not going to agree that they should leave and that they should end the rental agreement. This is where you may need to draw upon your lawyer for legal action.

However, if you do have a tenant that is willing to end the lease, it must be done in writing and you always want to make sure that you give at least thirty days in order to the tenant to get out of the property.

The Lease — Broken Down: 3

Heather — Tue, 26 Jan 2010 00:00:52 +0000

Now that you know what you are responsible for as a landlord, let’s dive right into exactly what should be in the lease. Well, you always want to make sure that you include the rental fee, how long the lease is going to last, how the tenant can renew the lease and you should make sure that you include things like pets – if you allow them or if you ban them, a clause about visitors. If you are renting an upstairs apartment of your home, how many visitors can the tenant have at one time?

These are all things that are very, very important and things that you will need to make sure that you address. One of the most popular forms of leases are fixed term leases. What this means is that the lease will usually last for one year and it details from start to end.

The lease of course can be renewed but you want to make sure that it can be renewed on an annual basis.

The Lease — Broken Down: 2

Heather — Mon, 25 Jan 2010 00:00:12 +0000

Whenever you are dealing with a lease agreement, you always want to make sure that if you do not have a real estate agent involved that you have a lawyer involved. That way, the lease is actually binding and if you enter into an agreement with your tenant, nothing will come back to bite you.

There are a few things that you, as a landlord should know. For one, you never have to think that you have to redecorate the residence that your tenant is renting. You just have to make sure that they can actually live in it and that everything is usable, but as far as painting, you do not have to do that.

Next, you do not have to provide yard maintenance if the place that you are renting is a house. That is the responsibility of the tenant.