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A lease acts as a contract and defines the terms under which a landlord might choose to rent his property to a tenant. The tenant gets the right to use the property while the landlord gets a guarantee of regular payments for the use of the property. Both the landlord and the tenant may face legal consequences if they break the terms of the lease.
Leases become the binding contract that outlines the terms of rental agreements. When a landlord wishes to rent his property, he must prepare a lease which describes the amount of rent, the time when it is due, the amount of security deposit and more. The tenant signs the lease to show he agrees to the terms before taking occupancy.
If you need help developing your tenant lease, New York Engineers is glad to help!
A lease protects the rights of both the landlord and the tenant by laying down their obligations and responsibilities. The lease contains all the details about the collection of rent and other terms which the tenant must fulfill in order to occupy the property. If a landlord or tenant breaks the terms of the legal contract, the lease is no longer valid.
Leases also ensure that the interests or rights of a landlord are protected if the tenant breaks any of the terms outlined in the document. You can put various clauses like financial compensations in case the lease is broken.
We suggest that you always go for a lease to ensure the protection of your interests. We can help you decide the clauses to include in your lease based on your property and preferences. It is important to file for benchmarking every year even if the house is self-occupied or leased.
What are the Different types of Leases?
You can rent out your property to a tenant or a business. When you are letting out your property for living, such as apartments and homes, you need to use a residential lease. When you rent office spaces or retails spaces, you will have to take the help of commercial leases. Commercial leases are also applicable for spaces rented for office use, clinics for doctors and other professionals for practice.
You can also lease your property or land to industries through industrial leases. It is also common to lease advertising spaces like billboards, rooftops and other areas. Some landlords also lease spaces for parking. Companies can also lease your rooftop for installing cell phone towers.
All the above clauses call for a binding lease. Residential leases are less complicated than commercial leases. Residential leases are also generally for short terms like 6 months or a year. A commercial lease, on the other hand, can run for ten years or more.
You should always take help of a professional real estate attorney while developing lease for your tenants, whether residential or commercial. New York Engineers provides full-scale assistance for developing tenant lease for both residential and commercial purposes.
Are Leases Same as Rental Agreements?
Many of us have a misconception that lease and rent agreements are the same and use the words interchangeably. But both are different and needs a bit of explanation.
Leases are generally signed for longer terms, which is a minimum of one year. Some leases can be for shorter terms like 6 months or more than a year, like five or ten years.
The terms in a lease are binding and cannot be changed until its termination unless both parties give their consent. Additionally, a lease doesn't get automatically renewed once it expires. You need to ask your tenant to sign a new lease; otherwise, it becomes applicable for month to month.
A rental agreement is signed for a shorter term and can be as short as 30 days. The rental agreement automatically renews itself unless both the landlord and the tenant choose to cancel it through writing. Both the parties can choose to change the terms in the rental agreement by using a written notice of the changed terms.
A lease provides a longer lock-in period for the landlord ensuring him regular income through the lease term. It's also legally binding and protects the rights of the landlord. If you are looking to rent your property, we can help you develop a professional lease with the guidance of our experienced attorneys.
The Crucial Elements of a Lease
Whether you are drafting a residential or commercial lease, you need to get it right in the first attempt. Our adept team will work with you to determine all the terms you need to add in your lease. We can also suggest you additional clauses based on our experience and the nature of your property.
Though the terms in a lease vary according to the objectives of the landlords, there are some important clauses that go into every lease.
Here are some of the terms that we include in most of our leases to protect your rights and interests :
The lease should include every adult who will occupy or live in your property, including both members of an unmarried or married couple over the age of 18. This enables you to make each member legally responsible for the terms, such as proper payment of rent and use of the space.
You can also get your rent from the other parties if one of them fails to pay the rent. Additionally, you can terminate the lease if any of the breaks any of the listed terms.
You need to identify your property in order to enforce the lease. We will include the name of your property or the full mailing address including house number, apartment number, street name, city, postal code and so on.
We can also mention the number of rooms and other details to make it foolproof.
The rental term defines the period for which the lease is valid. We use exact dates of start and termination of the lease to avoid any confusions. We never make the mistake of using vague statements like the lease is valid for one year or six months.
We will include the exact day, date, month and year when the lease begins and expires. You can also make your lease automatically convert to month to month basis after the original term is over. The terms can also include how you and the tenant can end the lease before the termination period. For example, you can terminate a lease by giving a month's advance notice.
We include the exact dollar amount of rent due to you for the lease. The document will include the full amount of the rent due for the lease period and also month to month breakup of the amount. The terms of rent will also include other clauses such as-
We ensure that the terms of rent are clearly spelled out and clear to both the landlord and the tenant.
Deposit fees often create a problem between the parties in a lease. We include all terms of deposits and fees in clear terms to help you avoid any confusion or legal hassles. Your lease can include the following terms related to deposits-
You have the right to know and limit all the people who are going to occupy your property. This ensures that your premises are occupied by tenants you have screened and prevents others from living in. We will get the lease signed by all the parties whom you agree to let in your property.
The terms of occupancy can be used to evict a tenant who has moved in a friend or sublet it without your permission.
It's your choice whether you allow your tenant to have a pet or not. Whatever the case may be, the details should be included clearly in the agreement. If you do allow pets, then you should mention terms such as-
We ensure that the lease explicitly contains the respective responsibilities of both tenants and landlords for repairs or maintenance. This enables you to avoid any disputes over holding of security deposits or rent. Some common terms that we include are-
To keep yourself safe from lawsuits and legal hassles, we suggest you to include terms to limit disruptive or illegal behaviors. For example, you can set rules on noise after 10 p.m., prohibit activities like drug dealing and so on.
You should mention in your agreement the terms related to accessibility of your property. You can have the right to enter your property by giving advance notice for inspections or repairs.
If you are developing a commercial lease, we can optimize the terms to ensure a higher up-front profit. We also create commercial leases in a way that most responsibility of paying charges and bills is on the tenant.
Based on your preferences, we can develop different type of commercial leases-
You can also choose to include any additional terms you want for your tenants. Some of the extra clauses can be-
How Can NY Engineers Help
We provide full-range assistance to our clients to meet their legal needs while developing tenant lease. We ensure that the terms of your lease are in full accordance with the state and national laws helping you get it right in the first attempt. New York courts will enforce a lease exactly as stated without any other considerations. So it's always wise to seek professional legal assistance to avoid unnecessary hassles and disputes.
We have created thousands of tenant leases and know how to protect your rights and interests. So if you are going to rent your property, get in touch with us for complete guidance and consultation. Whether you are leasing residential or commercial property- we are always by your side.