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Precautions to be taken when leasing residential property


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When one is renting a property there are certain precautions that one must exercise to ensure that one does not get into any kind of hassles later on. Firstly one should find out everything that one needs to know about the property from the landlord to ensure that one’s requirements and expectations are indeed being met. Before putting one’s signatures on the lease document it is crucial that clarity be obtained on a number of important issues like the amount of rent, late payment penalties if any, the duration of the lease and the conditions for renewal, penalties for terminating the lease, requirement of security deposit, inclusion or otherwise of utility expenses, responsibility of maintenance, the availability of parking facilities and so on.
As Frank Thomas an employee of an architects’ firm in downtown Chicago says, “I need to rent a place close to my office. I want to ensure that I enter into a fool-proof lease agreement with my landlord that covers every possible area of discord. I am an extremely busy professional, and don’t have the time to squabble over any issue, howsoever minor with my landlord.” It makes immense sense to spend some time discussing the important aspects that need to be put into the lease document, so that both parties know what exactly to expect from each other.
Fortunately for Frank the Chicago Residential Landlord and Tenant Ordinance is more favorably inclined towards the tenants, even putting a restriction on the use of security deposit by the landlord. Besides the landlord is required to dispose of any notice of violation they may have received in the previous twelve months before they are allowed to enter into a lease agreement. The onus for maintenance is placed on the landlord in conformity of all city ordinances. The landlord is within their right however to not renew a lease but have to give a thirty day advance notice to the tenant.
Being easily able to rent a residence is a great facility, especially in economically difficult times, when getting a home financed may not be that easy. For investors too it is a great opportunity to earn some rental income. Therefore in the interest of a smooth transaction and a healthy professional relationship going forward, it is incumbent upon the tenant to fully satisfy themselves that the lease agreement being entered into covers all their concerns. The landlord on their part must ensure that they come clean about all aspects pertaining to the property being rented out and enter into a forthright and fair lease agreement.
Of course the type of lease agreement one enters into depends upon other factors too-like the type of residential property sought to be rented and the laws of the state where the property is located. But the bottomline is that the tenants satisfy themselves of the appropriateness of the terms and conditions being incorporated in the lease agreement. The above tips are meant to provide the basic road map to follow to ensure that.

Summary: Before a tenant enters into a lease agreement with a landlord pertaining to a residential property they must enquire whether the terms and conditions are fair and cover all their valid concerns. Though the type of property being rented and the local laws also have a bearing on the lease conditions the above guidelines will equip one to ensure that one’s interests are taken care of.

Twitter Summary: A tenant needs to carefully study the terms and conditions of a residential lease agreement and ensure that their interests are taken care of before signing it.

References:
http://renters.apartments.com/signing-an-apartment-lease-questions
http://www.rsplaw.com/site/files/909/94134/350742/521131/RSP_Winter_2008.pdf
http://www.legalcontracts.com/contracts/lease-agreement-form/

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