Featured News 2013 Helpful Guideline For Renting Property

Helpful Guideline For Renting Property

When it comes to buying or renting property, either choice is still a huge commitment. While you may have the location longer if you choose to buy, there areas still a number of agreements that need to place in order for you to lease or "borrow" the property for a certain amount of time. In order to do this correctly, here are a few helpful tips for renting that you and your partner may want to consider before jumping and signing on the dotted line. Hiring a trusted real estate lawyer is also a smart option in order to protect your finances and keep you from making not only a poor personal decision, but also a bad legal choice that could harm you in the future. Tennant and landlord disputes are not unheard of, so the more prepared you are now, the less likely you will be taken advantage of in the future as well.

For your lease contract, make sure you understand it from top to bottom. As boring and confusing these documents may be, do whatever you can to learn the terms of the agreements; and this includes both your responsibility and theirs. The lease contract will cover different terms including when the rent is due, the late period and fees, the length of the lease itself, how many people will live there, the rule for animals, steps to cancel your lease as well as other important factors. Beware of rent increases that are automatic, rules enforced by the landlord later on, shared utility meters, etc. Whatever agreements you and the landlord make, be certain that every word is in writing. This will save you a lot of time and stress if a dispute arises later on.

The next aspect that will arise is the security deposit and the rent. At the time that you sign your leasing contract, the landlord will likely ask you to place a security deposit on the home in order to act as a buffer in case anything happens, either physical damages or in the event hat you miss rent. Generally, the law only allows for ht landlord to ask for two months rent total in their security deposit and no more than that, and if they do ask you for a higher number having your lawyer on hand will be greatly beneficial. Remember, that the security deposit is just than—a deposit. Once you are out of the property, it is required by the law that the landlord returns that payment back to you as long as there was no damage or missed rent fees. Lastly, when it comes to actually paying your rent, it is not common for grace periods in the event you miss a payment. Realize that if you are late there is a good chance you will have to pay a late fee to the landlord.

Leasing and renting generally means that you have the right to live on that property until your agreement says otherwise, and only under very rare circumstances does a landlord have the right to evict you from the premises. Believe it or not, they still don't have a right to kick you flat out if you are late on your rent payments as they must receive approval from the court in order to actually evict anyone. They must give you notice of eviction and a warning in writing and then over time the have the right to then file a lawsuit against you for your late payments, property damages, etc.

For more information on renting and leasing, please contact a trusted real estate lawyer in your area using our website today!

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