Who are the lessees in a lease agreement?

You, as a lessor, are letting out a property that is in the name of both you and your wife. Similarly, the lessees are three individuals who have come to rent it out. When you are making an agreement, it is necessary to include both your and your spouse’s name as lessor, with your present address.

Is it legal for a lessee to own a property?

It is a legal agreement which gives the lessee the right to occupy the property for the tenure mentioned on it, but does not give them the right to own it. The lease also carries specifications, instructions and conditions the lessor has laid down and accepted by both parties, during the tenure of their occupancy in the property.

What are the important clauses of a lease agreement?

It serves as a safeguard for both the lessor and lessee. The agreement is an important piece of evidence establishing the lessor as the owner of the property. On the other hand, it gives the lessee protection from unlawful financial demands. It also prevents lessee exclusive possession of the property for the term mentioned in the contract.

Can a lessee cancel an equipment lease agreement?

However, the lessor retains ownership of the equipment and has the right to cancel the equipment lease agreement if the lessee contravenes the terms of the agreement or engages in an illegal activity using the equipment.

What are the clauses in a lease renewal?

Lease Renewal . It is expressly agreed between the Parties that if the lease is renewed, it shall be renewed for one whole and consecutive 9 year period, with fixing of the rent of the lease renewed according to the rental value within the meaning of the Article L. 145-33 of the Commercial Code.

Are there any exceptions to the clauses in a lease?

Research the landlord-tenant laws in your state so you’re aware of any potential exceptions to this clause.

What happens if there is an unenforceable clause in a lease?

Instead, the invalid or unenforceable provision shall be deemed severed from this agreement, and this agreement shall be enforced as if the agreement did not contain the invalid or unenforceable provision.”

What is the repair and maintenance clause in a lease?

Tenant Repairs and Maintenance. Excepting only those repairs which are the obligation of the Landlord pursuant to Section 13.2 of this Lease, Tenant, at its sole cost and expense, shall keep the Premises in good condition and repair, reasonable wear and tear and damage by fire or other casualty or condemnation only excepted.

How to check the condition of an apartment?

Rental Checklist- You will want to prepare a checklist and document the condition of each interior room, as well as any exterior space that may be associated with the apartment, such as the front or back door. Excellent. You will then want to look at each section of the room. In a bathroom, for example, this could include: Windows.

When to record the condition of a rental property?

The condition of the property should be documented right before the tenant moves into the property. The unit should be empty and should not yet have any of the tenant’s belongings inside.

Who are the parties in a lease agreement?

A lease agreement, as we know, is a contract between two parties, (a lessee and the lessor here, the lessee being the one who is renting/leasing the property, and the lessor, the owner), wherein, specific conditions are mentioned about renting or leasing the property.

What should I do if my lease is misrepresented?

Based on your situation, it seems reasonable that you can declare the contract rescinded (i.e. broken) without a penalty. In fact, you may even make a claim for damages suffered by the misrepresentation. You will need to document that position correctly and return possession of the house to the landlord as soon as possible.

What are the typical provisions in leases and rental agreements?

Most leases and rental agreements contain “the usual suspects” of rental provisions or clauses. You’ll often see them as numbered paragraphs. Unfortunately, the provisions are often dressed up in fancy legal language or buried in gargantuan sentences.

Can a landlord dispute the maintenance of an air conditioner?

He says that even though a maintenance company may be costlier for the landlord, it is easier and quicker “since there is a 3rd party involved, there is no dispute as to how the air conditioner broke, whether it was landlord failure to maintain or abuse/misuse by the tenant.”

Can a tenant have an air conditioner if there is a lease?

About air conditioning in particular, Kellman says, “If the A/C system was there at the inception of the tenancy, even without a lease, it is included just as if it were a refrigerator or a stove.” A lease, however]