Both tenants and landlords need to be very cautious and diligent when it comes to reading the lease to be fully aware of any charges that may be listed. Any contract should be read carefully and if anything is unclear or questionable a lawyer should be retained so as not to make mistakes that could ultimately cost either party a great deal of money. Since there are no specific rules or regulations about the charges that can be made when it comes to renting a property, both parties will want to review the contract carefully.
As a landlord, you need to make sure there are no hidden costs. There have been several cases recently that have raised the idea that even the most experienced agents can make mistakes that appear to be misleading their customers. Usually not on purpose, but that doesn’t mean you shouldn’t be cautious and cautious.
A couple of the clauses that have been found recently in the contracts of the owners;
“The landlord will pay a commission of 11% of the annual rent to the agent if the tenant stayed in the property beyond the initial term of the contract. This was even if the agent did not participate in the negotiation for them to stay in the property.”
“Commission of 2.5% of the property price in case a tenant buys a property from the owner and this again was even if the property agent was not involved in the sale procedure.”
Due to clauses like these and many more that will surely become available, it is necessary to fully read and understand your contract before signing it. Especially if you’re new to the leasing business, you could be saving yourself from a potentially costly mistake.
Of course, it goes without saying that tenants should also read their leases very carefully to avoid expensive fees that you weren’t aware of before signing. It doesn’t matter if you are at the beginning, middle, or end of a lease or looking to extend the lease, it is in your best interest to have the lease reviewed by an attorney before you sign it. Be sure to take your time and not feel pressured to sign before you are completely comfortable with understanding what you will be responsible for.
Signing a legally binding document of any kind makes it extremely important that you are aware of absolutely everything before you sign on the dotted line. Don’t be afraid to ask questions or get a second opinion, especially if that opinion is from your lawyer. So be sure to read your contracts carefully!