Understanding Lease Agreements

A well-written lease protects tenants and landlords alike by clearly laying out all the “rules” in black and white. These include things like how much rent is due, when it’s due, and what penalties might be imposed for late payments. Leases also stipulate who’s responsible for what maintenance tasks, including when and how to submit service requests. Leaving these details open to interpretation is a recipe for disputes, unexpected costs, and the kind of legal mess that keeps in-house counsel up at night. Find out osgoodeproperties.com

Another critical aspect of a lease is its escalation clause. This provision allows for scheduled rental rate increases over time, which may be tied to inflation, market rates, or a fixed percentage. It’s a great way to prevent surprises, and can help ensure stable income for landlords.

Understanding Lease Agreements: Key Terms Every Tenant Should Know

Finally, an indemnity clause determines who is responsible for covering any legal expenses that might arise during the course of the lease’s duration. These clauses are a standard part of most residential lease agreements, and can provide invaluable peace of mind for both landlords and tenants.