posted byBagasian LawApril 7, 2021
Leasing agreements are legally binding and have significant repercussions if not honored.
Contracts, such as leasing agreements, ensure accountability and provide structure to the relationship between a landlord and tenant.
In this article, we will be discussing:
A lease agreement is a contract between a landlord and the tenant renting from them that outlines the terms of the lease, such as how much the tenant will pay, when they must pay it, and what other expenses they are responsible for.
This agreement between landlord and tenant is legally binding, meaning either party can take the other to court if the contract is breached in any way. Once both parties sign the contract, it is valid in a court of law and can be used for litigation.
Lease agreements are generally bound by the starting and ending dates of a lease. Within the period specified in the agreement, the landlord and tenant are bound to that agreement. Once the lease ends, after the time period has passed, the lease agreement is terminated.
A lease agreement can also be signed by more than one person or tenant, meaning that all tenants on the lease are responsible if any discrepancies arise.
A lease agreement outlines the responsibilities of the landlord and tenant, also known as the lessor and lessee, respectively.
The first element of a lease agreement is the length of the lease, which varies by the type of property being leased.
For example, commercial leases for businesses are much longer than rental leases for residential property. A commercial lease can years long while some rental leases are month to month.
The next element of a lease agreement is how much monthly rent will cost. This cost is determined before the lease is signed, therefore the lessee understands what amount they are responsible for and when it will be due.
Some landlords allow a few-day grace period for rent to be considered on time.
Another section of the lease agreement will outline who is responsible for the maintenance of the building or property.
Under “landlord-tenant law,” the landlord has certain responsibilities when it comes to maintaining the property, such as providing running water and making repairs to ensure the space is habitable.
Legally, a landlord must ensure the building is up to code and follows safety regulations. For example, there is a limit on the number of people living in a space at one time, for safety reasons.
Additionally, the plumbing and electrical must be set up to code and must work correctly, or else the landlord is legally required to fix them.
Other safety regulations that the landlord is responsible for include mold, pest control, and lead.
However, a lease agreement also outlines what the tenant is responsible for in terms of property maintenance.
The tenant must also abide by certain sanitary and safety hazard regulations. For example, the tenant must keep the apartment clean to prevent any pest control issues and should not tamper with smoke detectors or make any changes that could pose a safety risk.
Depending on the terms of the lease, either the landlord or tenant is responsible for water, power, and gas bills.
If these utilities are not included in the lease, the tenant must set it up themselves through a service provider and pay an additional bill monthly for these services.
You might be wondering, “If a lease agreement is for renting a property, how is it different than a rental agreement?”
A lease agreement specifically sets a period of time during which the contract must be honored.
The lease agreement between a landlord and tenant is mutually agreed upon, providing both parties with rights and obligations.
Because two parties are entering into this agreement, it cannot be modified or terminated without permission from the other.
A lease agreement also provides security for both the landlord and tenant, meaning they must abide by all of their obligations throughout the duration of the lease. If one party does not, they are violating the agreement.
For example, a landlord cannot evict a tenant for no reason.
On the other hand, a rental agreement is often done on a month-to-month basis, meaning that after the month is over, the tenant and landlord are free from any obligations.
For example, the landlord can choose to raise the rent between months or choose to rent the space to another tenant.
Similarly, if the tenant chooses to move they can do so without violating any contract.
Because a lease agreement is a legally binding contract, it is important to understand the legal implications of entering into such a contract.
If you are a landlord looking to lease, a lawyer can help you draft leasing agreements that will ensure that your property is maintained properly.
The larger the property, the greater the importance of a leasing agreement.
Additionally, if you are leasing a commercial space that brings in large sums of money and must be up to code for businesses, hiring a lawyer to assist in writing the lease will ensure that you do not have any complications in the future.
Los Angeles-based lawyer, Alina Bagasian, will provide the best legal services for your business. Possessing an understanding of corporate and commercial business, Alina Bagasian is ready to represent your business and provide you with excellent legal advice.
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