What Are The Top Issues Faced By Landlords In The Absence Of A Property Lease Agreement?

A rental lease agreement is the most important document between a landlord and lessee or renter, which can be very useful in laying down all the terms, conditions, rules, regulations and policies that both parties must obey. Know about top issues faced by landlords in the absence of a property lease agreement. For more information about getting a rental lease agreement in Minnesota, please visit this website.

 

No way to limit the usage

Landlords cannot restrict the activities of tenants in their properties. A written lease can prevent tenants from being a nuisance to their landlords and other tenants. This could lower the rental worth of your other properties or cause some stigma to get associated to the premises occupied by the tenants.

 

No right of termination

Without a properly drafted lease, a landlord cannot get back his property if he faces delays in rent payment from a period of 7 – 28 days. Even if the tenant does not pay the rent anymore due to insolvency, job loss or other issues or breaches the terms mentioned in the agreement, he cannot lay back a claim to his premises. With a proper agreement having a forfeiture clause, this can be avoided. In the absence of a contract and a forfeiture provision, he has to approach a court of law – although the chances of a favorable outcome are slim.

No way to prevent renovation

If there is no lease agreement, tenants cannot be prevented from carrying out renovations and decorations contrary to the wishes of landlords. A well-drafted lease can make the renter / lessee comply with restrictions related to redecoration etc without the permission of the landlord.

For more information about getting a rental lease agreement in New Mexico, please visit this website.

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