Don’t forget to notify tenants of any changes in the specific terms of the lease
Just like in any other business, contract terms may change at some point in the real estate sector. This affects both the property owner and the tenant. Legally, there are guidelines to guide the process. So why should tenants be involved?
Why a tenant should be party to the specific terms of the lease
As a landlord, discussing the specific terms of the lease with a client creates an understanding of what expectations a property owner has of his tenants. A new tenant should be aware of the rules and regulations that pertain to the property of their liking. For renewal leases, there should be clear communication in case there are changes to be made prior to the renewal. It is therefore important to understand as a landlord that tenants looking to renew their leases will not necessarily agree to new terms. Considering this, it would be wrong to just assume, change terms and have them sign an altered lease without informing them of these changes.
What to look for when signing a lease
As a tenant, knowing what is on a contract can make a difference between being ripped off or ending up in court. The first things to look out for are the terms and conditions of tenancy. It is also important to note and ask about any extra charges that may be incurred and that had not come up in the past. In the case that a contract is being renewed, both parties should communicate any alterations of the new contract and agree on the same before adding their signature to the agreement.
In conclusion, whenever there are contracts such as lease agreements and legal jargon, the general recommendation is to engage a professional. A real estate attorney will save both tenants and landlords a headache that might arise from either party overlooking some detail in the process of signing a lease.