Some tenants may want to sublet the apartment to a friend or stranger, so ask yourself if you would feel comfortable allowing subtenants. You can also specify your qualifications for sub-letters. In your lease, you may want to require the tenant to get your written permission before handing over the rent to someone else. This way, if the tenant asks to sublet the property, you can accept or reject the offer. The lease should include guidelines regarding utility benefits and billing. Make sure you know what utilities, if any, are included in your monthly rent and whether you`re supposed to cover the costs. When drafting or reviewing a lease, you are likely to come across certain industry terms. These are the most common and important to understand: Terry Brennan is an experienced corporate, intellectual property and entertainment transaction lawyer who has been a partner in two national Wall Street law firms and a trusted commercial advisor. It focuses on providing practical, cost-effective and creative legal advice to entrepreneurs, established businesses and investors for commercial, financial, intellectual property and technology transactions. As a partner of renowned law firms, terry has worked on financing, mergers and acquisitions, joint ventures, securities transactions, outsourcing and structuring of business units to protect, license, finance and commercialize technology, manufacturing, digital media, intellectual property, entertainment and financial assets. As General Counsel of IBAX Healthcare Systems, Terry was responsible for all related legal and business matters, including licensing agreements for healthcare information systems, mergers and acquisitions, product development and regulatory matters, contract management and litigation.
Terry is a graduate of georgetown University Law Center, where he was editor of the Law Review. He is active in a number of economic developments, entrepreneurial accelerators, veterans and civil society organizations in Florida and New York. 4. Rent. Your lease or lease should indicate the amount of rent, when it is due (usually the first of the month) and how to pay it, by .B. by mail to your office. To avoid confusion and avoid disputes with tenants, formulate details such as: Below is a summary of the key elements you want to include in your lease. This is supposed to be a guide to help you consider which terms are important to you.
You should check with your state legislature for rental housing laws so as not to include terms that are not legal. You should also consider asking a lawyer to review your lease to make sure it is fully enforceable if legal action is needed. Here are some of the most important points you should cover in your lease or lease. Another key element of any lease is that it must include both the amount of rent and the terms. The different terms you want to specify are: Tenant names Indicate the first and last names of all tenants who will live on the premises. Only these people are considered tenants and will be held responsible for the rental conditions. Make sure the names of all tenants are included in the lease before allowing entry into the property. Sometimes these standardized leases don`t meet your needs. If you need to customize them, it may be best to create your own lease from these examples. Each property and tenant is unique and must be treated as such when formulating the lease.
Plus, you never know when you`ll find that you need to add something important to all your future leases. Using these tips will help you create a legal document that you can rely on and use as a guide in case something goes wrong. You don`t want to be left without something like this to protect yourself and your belongings. As mentioned earlier, if you describe in detail the terms and duration of the lease, you may want to offer the right to renewal. If you automatically allow tenants to renew their lease, you must describe it in detail here and require that a new lease be signed each time they are renewed. All the conditions you want to include must be detailed, for example an automatic increase. B rent for renewals. If you do not plan to automatically renew the tenant, but offer him the option in writing if you wish, you must specify when and how he will be informed of the renewal option or not. In general, leases refer to long-term real estate contracts, usually longer than 30 days. Leases usually also have a fixed-term end date. Leases, on the other hand, refer to short-term real estate contracts, usually less than 30 days. These often extend automatically.
If you allow pets on your property: Clearly describe the property`s pet policy or add a separate pet surcharge to a rental agreement to protect your property from possible pet-related damage. You may or may not allow the tenant to make changes to the property, but this must also be included in the lease. If you allow the changes, you must describe what is allowed and whether something needs to be restored to its original state when you cancel. If you do not allow any changes, you need to clarify this and detail how these things will be paid for the repair when they are completed. Reading a lease can be confusing, and often the first impulse is to go ahead and sign the thing instead of trying to go through all the legal language and decipher it. However, it`s important to understand that a lease is a legally enforceable agreement, and you could find yourself in a difficult situation later if you don`t meet the terms – the very ones you accepted by signing on the dotted line. Before signing, take the time to read the entire document. Note: This document is provided for informational purposes; State/local laws vary and landlords should contact a qualified attorney to help create a lease.
The terms referenced in this document may not be exhaustive. Depending on the type of tenancy, the circumstances of the property and local laws, there may be other conditions that must be included in the lease. Here is an example of a rent amount clause in a lease: 7. . .