In our last article, we spoke about why an Attorney or Conveyancer needs to handle your property transactions, and in this article, we would like to give you some useful tips on handling lease agreements.
As we enter a new year, it is a time that many people are looking to purchase a new property or possibly seek new rental agreements for either commercial or residential property. It is vitally important that such agreements are perused and drafted by astute property Lawyers and Conveyancers who deal with such matters.
Often to their detriment, people think that store-bought leases handled between the tenant and landlord directly will suffice, but when one considers that there can be far-reaching consequences if leases go wrong for either party, it really is advisable to consult capable attorneys to peruse a lease for you.
The Landlord’s viewpoint
From a landlord’s point of view, the most important clauses to have in any rental agreement is a) the duty of the tenant to pay the rent in full and on time, including the landlord’s right to charge a fee for damages if payment is late and b) one that grants the landlord the right to enforce the rules and regulations written into the lease. You need to protect your rights as a property owner and an attorney that will give you the best chance of ensuring a watertight lease agreement, that gives you the best chance of taking legal action against defaulting tenants.
The Tenant’s viewpoint
The basic things to be covered in a lease from the tenant’s viewpoint are:
- The address of the premises as well as the name and contact details of the landlord or managing agent
- The date on which the lease was signed, stating how long the lease will be, and mention of any annual increases.
- Other aspects would be how much rent is payable when it’s payable and penalties for late payment, as well as the amount of the deposit and any cost of drawing up the lease.
- Additional points could be numerous depending on the specific lease, being who pays for utilities such as lights and water, what maintenance items the tenant is expected to pay for, how many tenants may occupy the premises and allowances regarding visitors and pets, etc.
Commercial lease agreements
The four key areas that need to be covered in any commercial lease agreement are; the parties & personal guarantees, the terms of the lease and renewals, the rental payments and expenses, and the business and protection clauses. Get in touch with an attorney qualified in such matters whenever you enter into such agreements, as the exclusion of any important details can lead to possible unsolved issues in the future.
Consult the experts
You can rest assured that lease agreements, the handling of your property transactions, and the expedient transfer of ownership are in the best hands with Glenn Rooseboom Inc. We are qualified Conveyancers handling the drafting of commercial and residential property and lease agreements and property transfer registrations.
Get in touch with us today about everything to do with your property acquisitions and leases. Stay safe, stay informed and stay legally compliant!
