It is considered one of the most convoluted aspects of choosing the right rental property yet one of the most ignored. Property lease disputes account for over 48% of startup failures according to the Small Business Administration (SBA). But that’s not all. The National Association of Realtors® (NAR) reckons over 78% of residential agreements end up in disputes.
Well, these shocking numbers should be a wake-up call whether you are looking for residential or a commercial property. While lease agreements are ubiquitous in modern society, most landlords and tenants do not have the necessary legal background to understand them.
This is where we at Zapicchi & Liller come in handy as your legal representatives.
It might be a common term in real estate, but surprisingly, NAR says less than 60% of tenants and landlords understand what property leasing entails. This is a legally binding contractual agreement between two parties.
In real estate, this agreement is betwixt a property owner and a tenant where the lessor, in this case the owner, receives financial compensation and in exchange, the lessee, in this case the tenant, is allowed use of a tangible asset such as an apartment or business property.
Whether you are a property owner or a tenant looking for the ideal property to reside or work from, our experience in property leasing comes in handy. There are different types of leases in the market and our attorneys have the knowledge to help draft these and make them clear.
The most common leases fall into two broad categories namely:
Each state has its own property leasing laws. However, most of them have a uniform pattern in terms of the aspects they cover. Some of the factors considered under the law include the length of the lease, which is mostly 6 – 12 months.
The end of the lease is also clearly delineated in the terms though an expiration date allows both parties to extend the lease. All of the expense terms are also covered under the law, and as attorneys with experience in this industry, we guide you through the intricate process to avoid any legal hiccups along the lease period.
With years of real estate consultancy, we understand the arduous nature of leasing property either as a tenant or property owner. As such, we have developed a comprehensive process involving: