Not everyone is able to or wants to buy a house. Property ownership comes with a host of responsibilities that some West Palm Beach residents would rather not carry. When a person is not in a position to purchase their own residence they may turn to a rental property in order to have a place to live.
When a person rents a property they are granted the right to live in that location for a set duration of time and for a certain price. These are the very basic terms that a landlord (property owner) and tenant (renter) must agree to in their lease agreement. However, a lease agreement between a landlord and tenant should be comprehensive enough to clarify any issues that may arise between the parties to prevent a property dispute between them.
A lease agreement should clearly state which parties own the property and which parties are renting it. It should include the date that the lease term begins, when it ends, and what a renter must do to extend the lease beyond the initial period. It should explicitly state the price the renter or renters must pay for the right to live in the property, if there is a security deposit they must provide, and if the landlord will raise the rent during the term of the lease.
The lease agreement should include provisions regarding if and when the landlord may enter the premises leased by the renter. It may also include the rights the parties have if either violates the terms of the agreement, as well as many other important provisions that readers can discuss with their trusted real estate attorneys.
The success of a rental property relationship can hinge on the strength of the party's lease agreement. Real estate attorneys can be excellent resources for both landlords and tenants as they can review and provide advice on the terms and conditions present in the contracts their clients plan to execute.