How must look agreement on lease?Topic: Rental property
Even if you are renting out a home or in a home, your rent agreement plays very important role in determining the rights of both tenant and landlord. It is even more necessary to avoid nasty surprises later.
What is Home Rent Agreement?
Your home rent agreement is a legal document which features the terms and conditions subject to which the residential property is leased by the landlord or lessor to the tenant or lessee.
The responsibility to ensure everything falls more with the tenant before entering into a lease agreement. Check that the agreement contains proper title of the property. The property should either belong to the lessor or an authorized power of attorney holder.
The lessee may cross check the society share certificate to ensure that the lessor has the title to the property. The agreement must be signed by both the parties. Always read between the clauses mentioned in your home rent agreement.
Outlined below are some common clauses mentioned in a rent agreement:
* Details of the lessee and the lessor along with their addresses.
* Details of property leased.
* Term of the lease
* Declaration by the lessor ensuring himself to be the owner of the property.
* Effective date of commencement of the rent agreement as well as duration.
* Amount of the rent and the mode to pay it.
* Rent increment clause
* Terms and conditions regarding fixtures and maintenance of the property leased.
* Basis for termination of lease
* Renewable Clauses
* Details of society and its rules
* About security deposit, if any, and whether it is refundable.
* Advance rent payment, if any, and its mode of payment.
As far as the other proposals are concerned, they will definitely depend upon commercial terms agreed between both tenant and landlord.
Please provide us with your opinion on this article:
As a matter of law, if there is a clasue in a lease or a renta;l agreement, that will normally control in such cases. If not, the question will turn on common usage and practice of the parties. By that I mean what the parties to an agreement in similar situations in the past have done is what a court would require them to do in this case. As a general rule, as soon as rent becomes past due a pay or quit notice can be served on the tenant. Keep in mind though that as a landlord your remedy is an unlawful detainer action if you want the tenant out, which will get you a writ of ejectment if you win. The writ is the order from the court to the tenant. Also be aware that you cant change locks, remove doors or windows or interrupt power, gas or water service as a means of forcing the tenant out.
it depends on ecxtaly how long ago you purchased your current home. FNMA (Fannie Mae) will acknowledge you purchase of the existing home, and in some states it must be over a year ago. Also, most Lenders will require a Comp Rent Schedule on the current home, as well as you would have to have 30% Equity in your current home in order to use if as a rental home with rental income. Maybe you can carry both payments. I work in the industry and it really is different state by state. Good Luck
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