Signing a lease is a big commitment. Whether you're a first-time renter or a seasoned tenant, asking the right questions can save you from future headaches.
READ: How to attract and retain long-term tenants
At Quay 1 International Realty, we've seen it all and know what tenants need to look out for. Every tenant should ask five essential questions before signing on the dotted line.
What's included in the monthly rent?: Knowing if your rent covers more than just the roof over your head is crucial. Ask about utilities, maintenance, and even security services. A seemingly affordable rent could come with hidden extras, so make sure you're crystal clear.
What is the Landlord's maintenance policy?: Knowing who is responsible for repairs and how quickly maintenance issues are seen is key. A responsive landlord or property manager can make all the difference in your rental experience.
Are there any upcoming renovations or building projects?: No one wants to be surprised by scaffolding outside their window or ongoing construction noise. Make sure you're aware of any planned changes to the Property.
What are the rules around deposits and renewals?: Tenants should clarify how their security deposit will be handled and under what circumstances it can be withheld. They should also understand the lease renewal process—will it be automatic, and will the rent increase?
Can I personalise the space?: Some tenants love to make a rental feel like home. Still, knowing what's allowed regarding décor and modifications is This also includes pet policies, which are often a dealbreaker for tenants.
Asking these five questions can save you a world of trouble and ensure your lease experience is smooth and hassle-free.
READ: How to prevent and resolve rental disputes
Abrahams & Gross’s Litigation and Dispute Resolution team shares: As a landlord, renting out your property can be an excellent source of income, but it also comes with a degree of risk. To mitigate this risk, it is crucial to have a proper lease agreement in place to protect yourself and your property.
What is a lease agreement?
A lease agreement is a legally binding contract between a landlord and a tenant that outlines the terms and conditions of the rental arrangement. A well-drafted lease agreement should cover all aspects of the tenancy, including rent, security deposit, maintenance responsibilities, and tenant obligations. It should also provide a framework for resolving disputes and terminating the tenancy.
Why does a landlord need a watertight lease agreement?
Having a proper lease agreement is essential for landlords for several reasons. Firstly, it helps to establish a clear understanding between the landlord and the tenant about their respective rights and obligations. This can help to prevent misunderstandings or disputes that may arise during the tenancy.
Secondly, a lease agreement can protect the landlord’s property by setting out guidelines for maintenance and repairs. This can help to ensure that the property is maintained in good condition and that any damages caused by the tenant are addressed promptly.
Thirdly, a lease agreement can provide a framework for resolving disputes that may arise during the tenancy. This can help to minimise the risk of costly and time-consuming legal proceedings.
Fourthly, a lease agreement can help to protect the landlord’s financial interests by specifying the terms of rent payments, late fees, and security deposits. This can help to ensure that the landlord receives the rent on time and is adequately compensated for any damages or unpaid rent.
READ: Rights and responsibilities in rental housing – know where you stand
A sound lease agreement is essential
In summary, a well-drafted lease agreement is essential for landlords to protect themselves and their property. It provides a clear understanding of the terms and conditions of the arrangement, establishes guidelines for maintenance and repairs, provides a framework for resolving disputes, and protects the landlord’s financial interests.
Speak to a legal expert
As a landlord, it is important to seek the advice of a legal professional to ensure that your lease agreement complies with all relevant laws and regulations, and is tailored to your specific circumstances.
Abrahams & Gross’s attorneys have considerable legal experience with all matters related to tenants, landlords, lease agreements and dispute resolution. Please contact the Conveyancing and Property Law or Litigation and Dispute Resolution team to assist with your issue.
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