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Explain What A Rental Agreement Is

Explain What A Rental Agreement Is

However, leases generally contain a standard number of items. Here are some of the typical provisions established by NOLO.com: most professional landlords agree that maintenance is the most frequent source of disagreement between tenants and landlords and that this is therefore a clause that must be defined very clearly in the tenancy agreement. Lorraine Dellbridge, rentals director at Lew Geffen Sotheby`s International Realty in Cape Towns Southern Suburbs, Noordhoek and False Bay, says tenants have different perceptions of their maintenance obligations and what repairs are intended for the owner`s account. Genevieve Smith, regional Rentals Manager of Lew Geffen Sotheby`s International Realty in the Winelands, adds that with respect to the Rental Housing Act, it is mandatory that “extensive” and “outgoing” inspections be visited by both the owner/agent and the tenant. “Together, both parties must determine the condition of the property and who is responsible for the repairs and inspection approved by the tenant and landlord.” If the landlord or designated broker does not do these two inspections with the tenant, it is assumed that the property will be returned in an acceptable condition and that the landlord will not be able to deduct the money from the tenant`s deposit for repairs at the end of the tenancy period. Whether you choose a lease or a lease, it is essential that you know who your tenant is. A thorough review of your tenants can give you the confidence that you are putting the right person in your apartment to rent. According to Keystone, “owners prefer to deal with tenants represented by a broker,” which makes leases a safer rental option. All Business explains how “rental contracts are usually month-to-month, with no long-term requirements. At the end of each 30-day period, the landlord and tenant are free to change the terms of the tenancy agreement. The landlord can offer the place to someone else or increase the rent. Similarly, the tenant may decide to change ownership.

Leases are usually renewed automatically at the end of each month, with the agreement of the parties involved. The often complex terminology used in a lease can be overwhelming, but remember that signing a lease is a necessity, so it`s not something you can avoid. In fact, never go into a verbal agreement with an owner. The contract is concluded to protect the tenant and the person or company that leases the property. End of term: This should explain what happens at the end of the lease: it ends automatically, it extends automatically or it is converted into months-to-months.