A lease agreement is a contract between a landlord and a tenant. It explains expectations and establishes terms. The deal ensures the involved parties are on the same page. It is crucial to remember that a lease agreement is an important and legally binding document. It dictates the responsibilities and rights of every part. In that case, it is advisable to hire a Spokane real estate attorney to ensure the agreement has been properly. The professional will help to draft, analyze, and advise. The lawyer can help with rental contracts, office space leases, residential lease agreements, commercial lease agreements, and building lease agreements. They can also mediate between the landlord and tenant to ensure both parties mutually benefit. Here are reasons to hire a lawyer in a lease agreement.
Types of Lease Agreements
Lease agreements are in three categories;
- Commercial Leases: commercial leases govern negotiations on business spaces like bars, restaurants, and retail.
- Residential Leases: Residential leases include family homes like apartments and condos.
- Equipment Leases: equipment leases are essential when a business or individual rents equipment. Examples include IT equipment, heavy machinery, and industrial cooking equipment.
What Does a Lease Agreement Do, and How Can a Lawyer Help
As mentioned, a lease agreement is a contract that governs the tenant and landlord. The arrangements and terms that both parties set are put into writing in the form of these lease agreements. Therefore, everyone understands their role and rights. Even though hiring a lawyer is an investment, it should not be ignored. The lawyer helps through the leasing process to protect you from being taken advantage of.
The cost of hiring a lawyer depends on various things like hours worked, experience, and expertise. It offers you peace of mind and helps foster a positive relationship between a landlord and a tenant. The lease agreement covers the following.
- Monthly Rent
The most crucial detail in the agreement is the monthly rent. Tenants enter a unit based mainly on its price and condition. Therefore, the section on monthly rent states the amount a tenant must pay as rent. It also includes the consequences of late payments, such as lateness fees or eviction. Sometimes, the rent can include utilities. It is crucial to check this part.
- Repair and Maintenance Responsibilities
Both parties must agree on who will be responsible for maintenance or if something breaks. In residential leases, the landlord is usually responsible for repairs and maintenance. In rare cases, the repairs and maintenance are the tenant’s responsibility. However, if the tenant is responsible, they can negotiate a cheaper rent.
- Security Deposit
It is usual for landlords to require a security deposit when a new tenant comes. The deposit protects the property and intends to cover any damage the tenant makes during the lease period. The deposit can be used to cover the cost of cleaning the property if the previous tenant didn’t clean it. The replacement cost for items like lights, appliances, and windows may also be deducted from the deposit at the end of the tenancy.
- Lease Renewal and Termination Terms
The agreement also dictates the terms for lease renewal and termination. That means there should be clear actions regarding the notice required for the steps. This part of the agreement also indicates the repercussions of a breach.
The Bottom Line
A lease agreement is legally binding when it is enforceable, and both parties have agreed on the terms. Therefore, it is important to hire legal counsel to ensure you understand everything in the agreement and the landlord is not taking advantage of you.