HICKSVILLE, N.Y., Sept. 26, 2019 /PRNewswire/ -- In general terms, a lease is a contract that requires one party to compensate another party for property used. Leases are common in the homebuying process, though their importance is often only discussed in regard to tenants. Written leases are just as important, if not more so, for landlords. Long Island Residential Real Estate Attorney, Markotsis & Lieberman, lists 4 reasons landlords need written leases.
1. Leases list policies for tenants to follow. In order for a tenant to utilize the property they compensate a landlord for, they must follow certain guidelines. This is where policies, which a lease should detail, come into the picture. For example, a pet policy will detail what types of animals are allowed, how big they can be, and various responsibilities pet owners must uphold. The use of smoking is another policy that will vary from property to property. One of the pillars of a professional relationship between the lessee and the lessor is an understanding of the policies such as these.
2. Leases offer details regarding how rent is collected. In most cases, a landlord will require tenants to pay their month per month, though this is another variable that requires insight. A lease will not only detail how often rent is collected, but the ways in which it can be done. The methods by which rent is collected include, but aren't limited to, in person, mail, and online. For landlords to ensure that their tenants make their payments on time, this information should be included in written leases.
3. Leases cover the obligations of landlords. A written lease will provide information on what's required from tenants, but landlords must know their obligations as well. For instance, a lease should offer information on what a landlord must do to keep their property hospitable. This can range from plumbing maintenance to downtime regarding Wi-Fi service to extensive roofing repairs. Leases should be written so that landlords know what is owed to their tenants on a routine basis.
4. Leases shed light on the extent of the agreements. It's worth noting that a lease offers information regarding when the relationship between a lessee and a lessor begins and ends. For example, a landlord may require a certain amount of notice before a tenant moves out. This can range anywhere from 30 days to a few months; a written lease will provide this information. It would behoove a landlord to offer this information at the onset so that, for any reason, a tenant can move out with a seamless process in place.
About Markotsis & Lieberman, Esq.: Markotsis & Lieberman, P.C. is a general practice law firm. Practice areas include real estate, litigation (commercial and civil), business formations, agreements and transactions, and wills, trusts and estates. Our team of seasoned attorneys are here to guide you through every step of the legal process providing personalized attention to every client. When you're facing a complicated legal situation, our team of legal experts is there to fight for your rights.
SOURCE Markotsis & Lieberman, P.C.