RESIDENTIAL, HOUSE OR APARTMENT LEASE
- Lease of Real Property
- Equipment Rental / Lease Agreement (Short Term)
- Business Equipment Rental Agreement-Long Term
- Lease of Personal Property
A well-drafted Residential, House or Apartment Lease will:
- Describe the lease term and price.
- Describe whether the lease term may be extended with proper notice.
- Allow for periodic rent increases.
- Restrict use to certain anticipated activities.
- Provide for the payment of utilities, repairs, taxes and insurance.
- Provide terms for the assignment or sublease of the premises.
- Provide terms related to both parties' remedies upon default of any provision of the lease.
- Provide for the installation and maintenance of a security/alarm system.
- Provide terms for access to the premises by the Landlord.
Information & Benefits:
The following information and benefits is what distinguishes us from other online providers.
Security Deposit
Usually includes the equivalent of first and last month's rental. May also include deposit for pet. Include the amount and whether, and to what extent, it is refundable.
Use of Premises
For use only as a single family residence. Usually, no business of any kind is allowed. A single family should be defined. Usually, this varies depending on the size of the unit. Finally, this provision should require compliance with all laws and regulations. (There may be a separate set of tenant bylaws distributed to every tenant.)
Condition of Premises
Tenant acknowledges inspection and acceptance of premises "as is."
Assignment & Subletting
Tenant cannot assign or sublet the unit without the express written permission of landlord. In addition, the tenant shall remain liable for payment of rent even following such assignment or subletting, unless expressly released by landlord.
Alterations & Improvements
Generally, not allowed without express permission of landlord. Also, in cases where such action is permitted, landlord should be able to approve the contractors and ensure no liens are attached and if any are so attached, receive written right to indemnification from tenant.
Damage
Tenant responsible for cost of repairs from damage done to premises as a result of tenant's negligence. Landlord may require general liability insurance.
Utilities
Tenant responsible for arranging and paying all utilities required.
Maintenance & Repairs
Tenant responsible for maintaining the premises in clean and sanitary condition at all times.
Animals/Pets
No animals other than those registered with Landlord allowed. Pets generally require additional deposit from tenant.
Right of Inspection & Access
Landlord has right to inspect and maintain/repair premises with reasonable notice to tenant.
Holdover by Tenant
Usually, in cases where tenant does not move out following the expiration of the lease term, the landlord is permitted by law to (SEE LAW)
Surrender
Following the expiration of the lease term, tenant promises to surrender the premises in a good state and condition, ordinary wear and tear excepted.
Option to Purchase
This gives tenant the option of buying the premises at any time during the lease term. Option is lost if tenant does not otherwise comply with terms of lease.
Exercise of Option - Tenant must give landlord 90 days written notice. Tenant required to pay a down payment and thereafter, landlord/owner will prepare standard contract of sale. Usually, if no other interested buyers, landlord will allow tenant to extend the option (for a price) in conjunction with an extension of the lease term.
Purchase Price - Self Explanatory
Credit Against Purchase Price - Landlord may set aside some portion of rent paid to be credited towards a down payment for the property. In addition, if tenant makes improvements to property, such improvements may also be credited towards the purchase price.
Closing Date -Corresponds with expiration of lease.
Benefit of Tenant - The option may not be assigned or transferred without the express approval of landlord.
Default
Default occurs when tenant fails to fulfill or abide by any obligation or term of the lease. Landlord may give tenant 5 days grace period on rent payments. Thereafter, landlord may give tenant 10 days written notice of default. Thereafter, landlord may terminate the lease and option, if any, and require tenant to pay unpaid rent and costs incurred by landlord in curing the default.
Abandonment
Upon reasonable understanding by landlord that tenant has abandoned the property, landlord may enter premises and relet premises. Landlord may also hold tenant liable for all costs and damages of such abandonment including unpaid rent and the difference between the rent that would have been payable under the lease for the unexpired term after abandonment. Also, landlord is not responsible for any personal property left on premises after such abandonment and may dispose of such property in any manner deemed proper by landlord.
Insurance
Tenant is solely responsible for obtaining insurance on premises and personal property held within premises.
Liability & Indemnity
Tenant indemnifies landlord against any personal injury or loss of life to any person or damage to property which occurs on or around the premises.
Dangerous Materials
None allowed.
Compliance
Self Explanatory.
Mechanic's Liens
The tenant shall not cause, nor shall anyone claiming on behalf of tenant, the filing of a mechanic's lien. Such notice should be recorded. Also, tenant should be required to give actual advance notice to contractors that such liens will not be valid and to take whatever other steps required to keep premises free of such liens.
Warranties
Usually, "AS IS." Landlord may make additional warranties as to the condition of the premises.
Radon Gas Disclosure
Notification shall be provided on at least one document, form, or application executed at the time of, or prior to, contract for sale and purchase of any building or execution of a rental agreement for any building. Such notification shall contain the following language:
"RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health risks to persons who are exposed to it over time. Additional information regarding radon and radon testing may be obtained from your county health department."
Mediation and Arbitration
Mediation and Arbitration should always specify a location in Client's jurisdiction (preferably, in the same county where they run their business). Mediation is a non-binding way to settle the dispute quickly and amicably. If unable to settle in mediation, arbitration is first option available. Arbitration is the preferred alternative to litigation because of speed, cost, and ability to maintain low profile (no info is publicly available).
Governing Law
Always stipulate that the contract will be governed under whatever law the Client ordinarily conducts business. Always make sure that venue and jurisdiction are as convenient to client (Buyer) as possible.
No Modification or Waiver
No modifications except those specifically agreed upon by the parties in writing. Any waiver of a term or provision will not act as a waiver of any other provision.
Notices
Notices should always list the current and best addresses where each party may contact the other for whatever reason.
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