Before entering into any sort of agreement, it is always helpful to know what to anticipate and what is expected of you. In sum, leases are enforceable contracts that provide a list of rules, rights, and accountabilities both parties can review whenever necessary. There are a number of important pieces of information that should be outlined in a rental agreement, such as the monthly rate and property restrictions. Investors who prefer to rely on specialists for guidance and suggestions on writing an effective lease often consult professional property management. South Jordan companies are comprised of managers who are well-versed in what makes a strong and appropriate lease and can provide vital advice experienced and inexperienced owners alike benefit from.
Safeguards Tenants & Owners
In fixed-term leases, the outlined stipulations remain active throughout the duration of the lease. Rental agreements are created to prevent misunderstandings and protect both the landlord and tenant in the event of a dispute. Landlords, for example, cannot suddenly increase a tenant’s rent while they are on a fixed-term lease. On the same note, landlords cannot evict a tenant on a fixed-term lease without following the necessary procedures outlined by state law. Tenants are, on the other hand, responsible for paying on time, treating the property with respect, and refraining from engaging in any illegal activity.
Within Legal Boundaries
Despite the commonality of rental agreements, many owners do not have a firm grasp of what constitutes a legal or illegal leasing term. Knowingly or unknowingly adding illegal terms into your lease can have costly effects in the future. Should an illegal term negatively impact a tenant, you may be responsible for court costs, damages, and attorney fees. There are many examples of illegal terms; however, mistakes can be avoided through a professional property management firm. Conditions that go against state laws or landlord and tenant codes of conduct may convince a tenant to contact a lawyer to ensure the lease is reviewed by the courts. Your manager will remove any guesswork and help you create a lease that is fair and beneficial to both you and your renters.
Real Property Management is a nationwide company that offers numerous services to investors, including leasing. For more information, visit http://www.elite.realpropertymgt.com/.