The lease of the contract is important for both the lessor and lessee. After all, it is a business deal that binds them together. Both partners must do due diligence to clarify everything in case the terms are vague or some details are missing.
One of the worst things that could happen is that both parties discussed the rules verbally, and they did not follow through with the paperwork. Sometimes it happens because the trust levels were still intact when the deal was made. As some relationships do, business relationships such as that of the lessor and lessee could fall apart. Regardless of the depth of both parties' relationships, black-and-white is needed to make it easier for both undersigned to follow the rules stated earlier.
Names of All Tenants and Occupants
The 24/7 security feature of a condominium building prompts the management to uphold mandatory rotation of security personnel, making every face new. This is so that long-term tenants are not spared from presenting IDs when they get in.
This is not just about security but also about financial liability. Each tenant listed in the contract shall be legally responsible for paying the rent and is to follow all other terms of the lease or rental agreement. In this way, all tenants can be liable for paying the full amount of rent in case some of them leave. The legal termination of tenancy shall apply not only to the offender but also to all tenants.
Description of Property
Include the complete address of the property, including any specific storage areas or parking spots if applicable; make sure that the stall or spot number is in the description. The rental of the premises also includes the items inside the unit before the tenant moves in. This is important for both parties so that the tenant knows about the specific items or areas they can only get a hold of.
House rules
The lessor would not want to have to take care of complaints against his tenants as much as possible. Take the case of noise complaints filed by neighboring units. So for a lessor to avoid having to answer to building violations, the lessee must have all the details of dos and don'ts.
The lessee must know through an agreement if smoking is not allowed in the building.
Term of the Tenancy
As a lease, rent might increase, which could be why a lessor would choose to terminate the contract. Have the specifications clearly stated to shield a lease from sudden termination because someone who agreed to pay a higher rent is moving in? This includes the expiration date, and check thoroughly whether the contract automatically renews unless the lessor or lease chooses to terminate.
Rental Price and modes of payment
Spell out the amount of rent, when it was paid and how it must be paid. Agree with the lessor regarding the accepted payment methods, to check whether charges apply for paying later, the amount of extra charge if the check bounces and others.
Security Deposits and Fees
The possible use of a security deposit must clearly be stated as it is usually the source of frustrations and arguments that finally burns the business relationship down.
Whether it would be used for broken glasses, changing appliances and fixtures, covering unpaid rent, and so on. The contract must also specify what happens to the security deposit if the landlord finds no need to repaint or refurnish the unit.
If a lessee wants to make sure that the use of the security deposit excludes damages caused by normal wear and tear, then the lessee must negotiate as needed. All non-refundable fees must also be stipulated in the contract.
Repair and Maintenance Policies
For security deposits to work as desired by both lessor and lessee, both need to agree on their responsibility with regards to maintenance, cleanliness, sanitation, and even the payment of damages.
Any required actions to alert the lessor about defective or dangerous conditions, procedures in handling complaints, and repair requests. For example, if a lessor has a secretary or building management to handle reports, then the lessee must know this in the paper. This is to stress that both parties must do their part to ensure that the condo is well-taken care of for its longevity. In this section, the lessee needs to know the limits of making alterations, like setting limits to paint colors.
Landlord's Right to Enter Rental Property
The landlord's right to access the condo rental property must be in detail. For example, 24 hours notice must be served before the landlord enters to make repairs or show the unit to potential renters—including the part where they need to break in due to an emergency.
Contact Information and communication process
There are times tenants must be required to write about certain matters. Emails work much better in formal communication since the lessor-lessee relationship is a business deal. In the event that legal considerations need to be looked into, the record of all communications with your tenants shall be helpful.
Spaces Leasing by Vista Residences turns condo units into working investments—taking on the challenges that come with marketing the lease of units, handling human resources, cleaning, and maintenance.
Vista Residences is a company that offers top-tier condominiums near the most renowned universities, major modes of transport, the cities with the highest economic health, and areas that could provide the best career opportunities. Investors strategically partner with Vista for its prime locations, features, and amenities that easily attract short-term and long-term tenants. The amenities include a pool, function rooms, and a gym. The comfortability of the properties built by Vista is furthered by 24/7 security.
As a lessee, dealing with Vista Residences is easier because they have Spaces Leasing to assist you in every concerns that you may have.
For more information on Vista Residences, email [email protected], follow @VistaResidencesOfficial on Facebook, Twitter, Instagram, and YouTube, or call the Marketing Office at 0999 886 4262 / 0917 582 5167.
