Purchasing a house is expensive, and that is stating it lightly. Unfortunately, due to unemployment and the general costliness of residences nowadays, a lot of people can no longer afford to have a home of their own. Most of them rely on leased apartments and living spaces instead of owning one of their own. You may also see research proposal examples.
Most fresh graduates who are starting their lives in a strange city can’t be expected to be able to buy houses automatically. They postpone achieving this milestone and settle in a new generation of renters instead. Even couples who are starting new families have a long list of bills until the promise of saving up for their own home keeps on getting delayed. You may also like short proposal examples.
Lease Proposal Template
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These cases are so common that in the 2012 demographics study of he National Multi-Housing Council, they have learned that 32% of the total households in the United States of America are made up of renter-occupied living places. In New York City and Los Angeles, this number increases to up 50% out of all households in these cities. These numbers tell us a lot about the unfortunate culture we have unconsciously adopted over time. You may also check out project proposal examples.
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Landlords, Renters, and Lease Agreements
If there are renters, naturally, there are landlords who have permitted them to lease the property in question. And if you are a landlord, or if you’ve interacted with one, you must already know that lease agreements are one of the most important documents in their line of business.
It is a legal and binding agreement between the landlord, who is most often the owner as well, and the tenant who wants to occupy the space. It provides the parties involved with the rules they have to follow, and the consequences that they will face should they break any of these mutually agreed statutes.
The lease agreement will provide the landlord and the renters with a legally enforceable general agreement, which makes it crucial for the document to contain all the necessary elements enough to provide security to everyone it may affect. It protects the interests of both individuals and prevents misunderstandings, which have a potential of becoming a legal issue, from arising.
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10 Lease Agreement Terms That Must Be Included
To make sure that the agreement is enough to protect the renter and the landlord, here are the terms that the document must include:
1. The parties in the lease.
The agreement should specifically name the landlords and tenants who will be bound by the contract.
2. Description of the property.
The document should provide a vivid description of the property controlled by the lease agreement. It may include basic details such as the physical location of the residence and a few description of the building’s facade. The apartment number to be rented to the interested tenant must also be specified and identified, otherwise the simple agreement cannot be enforced.
3. Terms of the rent.
The amount that the lessee will have to pay for the space needs to be in the commercial agreement, as well as the day of the month that the rent will be demanded, where the payment will be sent, and how it will be accepted. The terms that will cover cases of late rent must also be covered to avoid anyone from being taken advantage of.
4. Lease dates and termination.
The start of the lease and the date when it will end must be indicated on the basic agreement. A description of how and when the landlord and the tenant can end the lease must also be discussed. For example, an apartment lease may be terminated with one month’s notice and a final month’s rent.
5. Security deposit details.
No landlord will give his property for lease without at least one or two months’ worth of down payment, which makes this aspect an important topic for discussion. The amount of the security deposit, how it will be paid, and the terms of its future release or consummated must also be declared.
6. The occupants of the property.
The agreement should list the names of every individual who will be a regular occupant of the property.
7. Pet details.
The agreement should also take into consideration the possibility of the interested applicants being pet owners. It should indicate in the standard agreement if pets are allowed in the establishment or not (so they can go look for a new place for their five dogs). And if the landlord allows pets, what is the maximum size and number of animals per household, and what species are allowed and what aren’t?
The agreement must also indicate if the renter will have to pay an additional deposit for their pet, and if they do, the amount must be included as well.
8. Repairs and damages.
The lease agreement should also indicate the present condition of the establishment to be rented. It must also elaborate on the responsibilities of both parties toward repairs that may have to be conducted on the property should it be damaged during the lessee’s stay. You may also see investment proposal examples.
9. Alterations to the property.
The agreement should also touch on the alterations and renovations that the tenant is allowed to make on the property, if he is even permitted to change it in any way.
10. Right of entry.
The lease should include clause that will give the landlord the right to enter and inspect the rented property by presenting a notice ahead, while also presenting the right of the tenant regarding this scrutiny. You may also like freelance proposal examples.
Optional Terms to Be Added
Aside from the ten terms listed above, here are also terms that may be essential to add to the agreement:
1. Right to renew the lease.
If the tenant has the right to renew the lease, it should be stated in the agreement, as well as the conditions to which both parties are subjected to.
2. Right to sublet the space.
If the lessee has the right to sublet the property to another person, the terms should also be discussed on the basic agreement.
3. Parking rules.
It’s best to talk about the terms regarding the property’s parking spaces.
4. Possessions.
The agreement should also enumerate the items that are not allowed in the property, and the repercussions should damages be caused because of breaking this rule.
5. Property rules.
If the property in question is multi-unit, the landlord may also specify on the rules that every tenant must respect, such as avoiding loud noise after 10 p.m. and other restrictions.
It is the landlord’s responsibility to create a lease agreement that includes terms suited to his property and tenants. He must make sure that the document will be able to protect his rights, as well as that of the tenant, without breaking any state or local requirement. You may also see budget proposal examples.
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Advantages and Disadvantages of Written Leases
The main advantage of having a written lease agreement is that it will provide certainty and clarity to everyone involved that they have all agreed on the terms of the rental. It also spells out the obligations of the tenant and the landlord to the property and to each other, as they are now bound by a legal document.
For future disputes and confusion, the lease can serve as the reference that none of the parties involved can argue with. Without one, these misunderstandings may not be settled in a calm and civil manner since there is no printed truth they can refer to.
However, a disadvantage of the agreement is that it binds the tenant to the terms that the landlord has created for a specific amount of time. So if he only wants to rent the property for a short period, signing a lease may not be the best action, since it will commit him to the property whether he likes it or not. You may also see conference proposal examples.
But, another advantage of having a is how the tenant cannot be forced to sign it if he doesn’t fully agree to its terms. He and the landlord can agree on the conditions that will suit them both instead. As long as enough terms are included in the agreement regarding the rights of both parties, the advantages will always outweigh the drawbacks.
Can Landlords Change the Terms of the Agreement?
You might think that landlords have all the right to change the terms of the agreement since they are the authority figure in the property. However, since the lease agreement that both parties have signed before the rental started is legally binding (just like a contract), the terms that the individuals have originally agreed upon, changing the terms may become a serious problem. You may also like security proposal examples.
Any change that can affect how the tenant has lived in the rental property, be it a change of the rules or the rental fee, can be considered a change in the original terms agreed upon by the parties, which can be judged as breach of the general contract.
The landlord can’t simply change the terms mid-lease, and nor can the tenant request to do so as well, unless both parties are in complete agreement of the alterations. If they aren’t, they are both bound by the terms they themselves have set and agreed to. You may also check out fundraising proposal examples.
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Creating Your Own Lease Proposal
A lease proposal is the document that outlines the proposed terms and conditions for leasing the property in question. Basically, it is the lease agreement that has not been signed yet. It will be given to the interested lessee for reviewing. If he agrees with the landlord’s conditions, and signs the document to show for it, their agreement can then be legalized. You may also see engineering project proposal examples.
The proposal will include details about the space being rented out, and the basic leasing terms that the landlord and the future tenant will have to follow. The document will be written by the landlord or the owner of the establishment to serve as a temporary lease document. You may also like software project proposal examples.
In creating one, you must care to cover all of the legal aspects of a property rental lease. And if you don’t have a real estate lawyer at your disposal, here are a few easy steps you can follow to make your own lease proposal.
1. Entitle the document “Lease Proposal” and specify the property number or solicitation number given to you during your property listing. Include the date as well.
2. Describe the physical establishment you are writing the proposal for. You should include the building’s name, physical address, city, state, and ZIP code. Also provide a description of the number of floors in the building, the building’s age, and the general purpose of the rental space. It is for office or commercial purposes, or is it a studio apartment?
3. Provide details regarding the type of space that is being rented. This can include description of the floor plan, the total square feet of the rented space, and the rental rate for each square foot. This section should show the renter how the rent is broken down in terms of square foot fees. You may also check out proposal memo examples.
Storage space or garage may also be included in the calculation, but offer it using a separate section so that renters without the need for parking spaces or storage don’t have to pay for them.
4. This section will include the total amount of rental fee per month as calculated above. Break it down for your renter (so he will have no questions about your mathematical skills). You might be interested in policy proposal examples.
5. You can include other important information regarding the building, such as other amenities that the renter may use, and the corresponding fees that each facility will cost.
6. Outline the differences between the initial lease agreement and the renewed lease agreement should the renter choose to exceed his stay for more than the originally agreed amount of time.
7. Finalize the lease agreement proposal with the space for you (the landlord) and the tenant to sign. This lease proposal will be in effect until a new lease agreement for the rental space can be prepared and signed by both parties. You may also see sponsorship proposal examples.
A well-written lease proposal will help open the process of negotiating for a real estate lease while also covering issues that are important to you and your business. If you are planning on creating one, refer to the steps provided above, or use the samples posted in this article as your guide.
