Have you ever been told not to sign a contract without taking time to read the terms and conditions? While every contract is created in good faith, there are instances when conditions are not something that every tenant can agree on. Landlords and tenants may have verbal agreements, but these can be reversed in a written contract. Before signing a contract, take time to read the fine print and getting a property lawyer to help you understand the terms and conditions will also be a wise move. A contract is essential for both short-term and long-term rentals. It binds agreements and protects both parties in the event the contract is breached.
Before a tenant can rent a residential property, landlords will require a deposit. This is often referred to as security deposits. In most cases, the rules for security deposits are almost similar in many countries. The tenant is required to pay a fixed amount, which will be used for repairing damages that the tenant incurs. However, the landlord will pay the deposit back if there is no damage to the property. Unfortunately, there is no way to prove that a tenant has left the property damage-free unless pictures were taken. This is why tenants must make an effort to take pictures when moving in as a way of documenting any damage that is already present prior to occupying the property. You can present the proof once the landlord inspects the rental property.
Aside from deposits, another area of concern for tenants is the security of the rental property. While this can be pretty subjective especially when this is based on the location where the property is situated, a tenant always looks for a property that can ensure their safety. To reduce the chances of being robbed, it is necessary to check the security measures of your prospective rental location. More often than not, condos are equipped with security cameras to closely monitor day-to-day activities.
In the previous years, tenants are protected by Rent Control Act of 2009, but this act has already expired on December 31, 2015. Reading and understanding the elements of contracts are the tenant's and landlord's line of defense.
Vital Elements Of A Rental Contract
• Responsible parties. All tenants or lessees must be listed to ensure that all the adult individuals on the contract are jointly liable for breach of contract.
• Payment and deposit. The contract must also indicate all monetary provisions including the rental amount and the security deposit. The frequency of payment and the acceptable modes of payment must be included.
• Summary of fees. Other fees must be outlined and the parties responsible for each should also be indicated.
• Rules, limitations, policies and disclaimers. As a landlord, policies on pets, sub-letting and allowing visitors should be clearly stated. This way, the lessees are not going to feign ignorance in case issues related to rental agreements arise.
