ready to lease out your house or condo in Baguio city?
Agreements are made for many purposes. They are made so that two or more parties agree to certain conditions. Agreements are very important in the field of real estate in Baguio City because many conditions need to be set forth clearly for the contracting parties. Nevertheless, not all tenants and property owners know the elements of real estate rental and leasing agreements for condominium in Baguio city and house and lot in Baguio City.
It is good for tenants to know these elements so they can more easily review them before signing. Property owners on the other hand, need to know these elements so that they can create good, precise, and clear real estate and leasing stipulations and clauses.
Here are the elements of real estate rental and leasing agreements, those lessors and lessees must bother checking out:
1. Possession of the Property. This part of the real estate agreement contains the rights of possession of the tenant. In this part of the document, the property owner turns over the possession of the property to the tenant. The property owner is not going to interfere in any way for the possession until the agreement expires, but the proprietor can still enter the property. Actually, a part of the contract is going to state that the proprietor is still going to have rights to enter the property to do check-ups for repairs and damages on the condominium in Baguio city and house and lot in Baguio City.
2. Use of the Property. The ways a tenant can use the property is another part of the contract. There are various kinds of leases, retail, residential, office, warehouse and many more. Every type has its own restrictions on how the tenant can use the property. For example, one cannot put up a business in a residential property. The restrictions must all be put in the contract.
3. Term of the Lease or Rent. In fact, this is perhaps the most important part of the agreement. The term of the lease may be written by a starting and ending date. This means the duration of the stay of the tenant. Unless a renewal of the agreement is made, the tenant must vacate the property on or before the expiry date of the agreement.
4. Security Deposits. An agreement on the security deposit must also be written in the agreement. This is the part of the contract that states that a tenant needs to pay a deposit for the condominium in Baguio city and house and lot in Baguio City. There are various reasons for security deposits and the purpose of this depends on the landlord. Different states have different policies on how to handle security deposits.
5. Improvements or Construction in the Leased or Rented Property. In most cases, improvements or changes to the property are not going to be made while a tenant is occupying it. However, changes, repairs, and improvements can be made if both parties agree to it and if there is a notice. The tenant may also make changes, but there must be consent from the proprietor.
6. Maintenance of the Property. Conditions and agreements may vary from one contract to another, but normally landlords are in charge of all repairs of damages. Agreements are also going to depend on the type of property, for instance, if it’s a condominium in Baguio city or house and lot in Baguio City.
7. Assignment or Sublease of the Property. In this part of the agreement, both parties are going to have to agree whether the tenant can do subleasing. In this case, the same rights of the tenant are given to the people who would be sub-lessees.
8. Renewal of the Contract. Depending on the type of agreement, there is a part in it that determines whether the tenant has options on renewing the agreement.
These elements of real estate rental and leasing agreements for condominium in Baguio city or house and lot in Baguio City are what tenants and property owners need to know. If they have full understanding of thee parts of the agreement, it is easier for them to make stipulations and clauses that can better protect the parties involved.