Jul/100
Real Estate Law – Lease And Rental Agreement Terminology
The landlord and tenant branch of most local courts is often overloaded with cases, usually pertaining to some part of the lease or rental agreement between the two parties. The more specific the agreement, the easier it will be for each case to be decided or, better yet, worked out between the landlord and tenant. To that end, every lease or rental agreement should contain the following terms or provisions, or some derivative thereof.
Duration of the Lease:
The duration provision will define how long the lease or rental agreement will be enforceable. Most leases are for a defined period of time, generally six months or one year. Rental agreements are usually month-to-month, and they can be terminated upon the expiration of each month, as long as the tenant gives proper notice.
Deposit on Security:
The deposit on security, also known as a security deposit, protects the landlord in the event that the tenant does something damaging to the property. Generally, if the tenant takes good care of the property, and the only damage is normal wear-and-tear, the tenant will get the security deposit back at the end of the agreement's term. Many leases contain a provision whereby the security deposit is forfeited upon default by the tenant.
Rental Amount:
Rent is the reason landlords purchase the property in the first place. The paragraph that outlines the rent should include the amount of the rent, the manner in which the rent is supposed to be paid, the date by which the rent is to be paid, any grace period, and the amount of any late fee.
Utilities:
The lease or rental agreement should enumerate who pays what utilities. Utilities can be quite costly, especially those for electricity and/or gas. Often times, the utility payments are the "make-or-break" element of the agreement. Past utility payments should be utilized by the tenant to determine whether the cost of renting the property is affordable.
Terms of Use:
Both residential and commercial leases will generally contain certain restrictions on the use and occupancy of the property. An example of a use restriction would be if the tenant cannot have pets on the property. Additionally, most residential leases contain restrictions on loud noise or music. Finally, the lease may limit specific types of property or items. For example, the agreement may state that waterbeds are not allowed.
Right of Landlord to Enter the Premises:
In certain instances, the landlord will have the right to enter the property. Often times, with notice, the landlord will have the right to inspect the property or show the property to potential tenants. This provision should state the rights and obligations of both the landlord and the tenant in this regard.
Maintenance:
Maintenance of the property can be a big issue, especially when the building is old or contains expensive appliances. The maintenance provision should answer the questions of who will be responsible for maintenance and in what situations.
Remedies upon Default:
If either the landlord or the tenant fails in their duties under the lease, there needs to be a provision that delineates what actions the damaged party can take. Such a provision should include answers to the questions of what constitutes a default and what happens in the event of a default, as well as what types of notice each party must give to the other prior to taking any action.
Generally speaking, the above provisions must be included in every lease or rental agreement. However, they aren't the only provisions that must be included in the agreement. What each agreement contains will depend on the facts and circumstances of the particular parties and the property in question, but it is important to know the basics of where to start.
Learn more about Virginia and Maryland real estate law from a Virginia real estate attorney or a Maryland real estate attorney.
Apr/100
Good Things About Apartment Living
Are you thinking of buying a house? There are good things about home ownership. However, there is much to be said for apartment living. Here are some advantages to consider.
Are you going to be at the same job, a few years from now? Maybe you will need to relocate in the future. Do you want to live in your current city for five years or more? If not, renting may be the best option for you. There is only a few things to concern yourself with when you move. You will need to pack and move out. That is not the case with home ownership. You will have to sell your house. This can take a lot of time. It can also cost a lot of money. You may need to fix things, in order to sell your house. Your house will have to be listed for sale. Then you must wait for it to sell. It may take many months, or not sell at all.
You can rent your house and move. However, there are pitfalls there, also. You will still be responsible for upkeep on the house. Renters may do damage to the property. You may live in another city. This can mean a lot of stress and expense. It is much easier to move from an apartment than from a house.
In many cities, it may be considerably cheaper to rent an apartment, than to make house payments. When real estate values rise, so do house payments. In areas with high property values, this may be a cost effective way to live. You will not have closing costs or down payments to come up with either.
Inside upkeep: What will you do if your hot water heater breaks? Moreover, it may late at night. Your basement may be filling with water. You have to fix the hot water heater. You also have to take care of the flooding. Can you do the job yourself? Maybe you have to find a professional. It can be a stressful situation.
House exterior upkeep: Your roof may start leaking. A bad storm has damaged the roof. This can mean a stressful time ahead for you, as a homeowner. Someone has to call the insurance company. It will take time for an adjuster to come to your house. It will take longer to get it fixed. You will pay a deductible. If you rented, you would not face this.
Outdoor work: Did someone just run over your mailbox and leave? Maybe the lawn needs mowing. You want to watch your favorite television show and relax. It will have to wait. There are things to tend to. If you rented, you may be sitting in your chair right now.
Amenities: When you live an apartment, you may have free pool privileges. You might also have resources like a clubhouse.
Conclusion
Apartment living offers many benefits over home ownership. There is no lawn to mow. When something breaks, it is not your fault. You may feel less stress. You may have more time to enjoy life. It may be easier on your budget.
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Sep/090
How To Become A Landlord
To begin explaining how to be a landlord I have to begin with the definition first. A landlord is the owner of a piece of property that he rents out to a tenant for an agreed monthly sum called rent. This property can be just a bare piece of land or it could be a fully furnished condominium. There are things you should know about how to become a landlord.
The first know how of being a landlord is getting the piece of property. The luckiest of them all had a windfall and inherited their property thus becoming landlords in a jiffy. Somebody died and left them all their property to use or own.
The other type of landlord has to go about it the old fashioned way. Work hard and gather enough resources to buy your own piece of property. This is better than sitting around waiting for somebody to die for you to inherit their land or house. It also come with a lot of pride when you become a self made landlord don't you think so?
After getting the property then you can go about knowing how to be a landlord. One of the biggest tasks of being a landlord is keeping the property in tip top condition. No one is going to want to rent a rundown piece of property that is not taken care of.
Another thing you must do is to school yourself in the laws of property ownership of the local area. These laws will greatly affect the things that you as a landlord are allowed to do. For example you may not be able to erect a flat in a specified minimum space. The law would require the space to be bigger forcing you to opt for building a small house instead.
How to be a landlord also requires the knowledge of property values. For example if you inherited the piece of property you may want to have a realtor evaluate it. Only after you know the value can you then rent out the property. The amount will not only be fair to you but to the tenant as well.
One who knows how to be a landlord will know where to buy his property. Property in the Hampton for example will cost much more than property in Kansas. Less people are also likely to want to rent in the Hampton as they are mostly rich people who prefer to buy property instead.
A good landlord will know not to rush into buying property where crime is on the rise for example. He must always put in the time and energy to find the right location for his venture. If he wants to rent out a piece of land for agricultural purposes then he will have to buy in an area with fertile soil.
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