What is a Lease Agreement Lawyer?
A lease agreement lawyer is a type of real estate lawyer that specializes in leases. These lawyers assist in drafting, analyzing, and advising their clients about lease agreements.
Here are a few examples of the types of leases that these lawyers can help with:
- Rental agreement
- Residential lease agreement
- Office space lease
- Building lease agreement
- Commercial lease agreement
Lease agreement lawyers can also serve as a mediator between a landlord and tenant to help make sure the agreement made between the parties is mutually beneficial. This can make a big difference in the professional relationship between the two, which is a big plus.
Keep reading to learn more about what lease agreements are, what they do, and how much you can expect to pay to hire a lease agreement lawyer to help you.
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What Do Lease Agreements Do?
Lease agreements are written contracts that govern the terms between a landlord and tenant. They set expectations, establish key terms surrounding the agreement, and ensure that everyone is on the same page. Contract lawyers help make sure that lease agreements include all the major details designed to protect all parties to the contract.
Here are some common things that lease agreements should cover:
Monthly Rent
One of the first questions that tenants have when leasing a new unit is simple: the cost. Perhaps the most important detail in any residential lease agreement is the monthly rent.
This section should clearly state how much the tenant must pay in rent every month. It should also include information about what repercussions occur if rent is late, such as late fees or eviction.
Sometimes, rent includes utilities for the unit, as well. The residential lease agreement should state whether this is the case.
Security Deposits and Fee Requirements
It’s a common practice for landlords to require security deposits at the beginning of any new relationship with a tenant. These deposits are intended to protect the landlord’s investment in the home and are held to the end of a lease to cover any potential costs from damages made to the home during the tenancy.
Security deposits can also be used to cover the cost of a cleaning service if the property is not left move-in ready for the next tenant. Replacement of any fixtures in the home such as window coverings, lights, or appliances can also be taken out of your security deposit at the end of your tenancy.
Other fees such as late fees and pets’ fees should also be included in this section. Lease agreement lawyers can ensure that the fees are reasonable and that they are set aside for the right purposes.
Repair and Maintenance Responsibilities
When something breaks or needs maintenance, who is responsible for the cost? When it comes to residential lease agreements, the landlord is typically the one responsible. This is where the lease agreement comes in handy – to help determine the answer to questions like these.
In the rare case that repair and maintenance fall on the tenant’s shoulders, cheaper rent is usually negotiated to compensate. Since the cost for repair and replacement on rental units can get expensive, it only makes sense to agree to be liable for repairs or maintenance if your budget allows.
Employment lawyers can help make sure that if you are responsible for maintenance, a fair monthly rent amount is negotiated as well. Don’t risk being taken advantage of by not having a professional in your corner.
Description of Rental Property
A detailed description of the rental property should be present in all rental agreements. This should include the square footage, number of bedrooms, and other crucial details about the property.
If any damages are present upon move-in, that should also be included in this section of the rental agreement. If it is not, many landlords provide a move-in checklist that allows tenants to document repairs needed at move-in to protect their security deposit from being held for previously existing damages.
Renewal and Termination Terms
The rules surrounding how to terminate or renew your lease should be plainly stated in your rental agreement. This means that you should have clear instructions regarding how much notice is required for either action.
This portion of the contract should also inform you of any consequences that may occur from breaking your lease early or failing to renew your lease.
Landlord’s Right to Enter Property
Even though renters legally reside on properties, the home is still the owner’s property. Landlords always include terms about their right to enter the property and what rules they must follow to do so, such as providing 24 hours’ notice.
Contact Information
Contact information for the landlord, tenant and any other agency involved should be a part of any residential lease agreement.
Other Key Terms
Residential lease agreements are not limited to these terms. There can be many other details included in the lease agreement – it’s up to the landlord.
Here is a quick overview of other key terms that are often included in residential lease agreements:
- Pet regulations
- Insurance requirements
- Utilities
- Pest control
- Sublease agreement rules
- Other required disclosures
- Contract length
In some cases, there can also be an addendum to the lease added. Addendums are additional terms that are added to the end of the contract that once signed, become legally binding to the agreement.
Check out this article to learn more about what lease agreements are and how they work.
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Types of Lease Agreements
There are three main types of lease agreements: residential; commercial; and equipment. Keep reading to find out more about each one.
Residential Leases
Residential leases deal with family homes that are not used for-profit. They are typically inclusive of properties such as:
- Homes
- Apartments
- Condos
Commercial Leases
Commercial leases are negotiated on spaces that are used for business purposes. Here are some examples of what a commercial lease is ideal for:
- Retail storefronts
- Restaurants
- Bars
Equipment Leases
Equipment leases are used when a business needs to rent equipment for their business operations. Here are some examples of what an equipment lease is ideal for:
- Heavy machinery
- Industrial cooking equipment
- IT or technical equipment
Here is an article about the types of lease agreements.
How Much do Lawyers for Lease Agreement Cost?
Even though lawyers for lease agreement can be a large investment, it should not be overlooked. Hiring an advocate to help you through the leasing process is one of the best ways you can protect yourself from being taken advantage of or scammed.
Typically, lawyers for lease agreements cost anywhere from $150 to $350 an hour or more, depending on expertise and experience. Remember, hiring a lease agreement lawyer ensures that each portion of your contract is thoroughly reviewed.
Since leases are a big part of life, this offers unparalleled peace of mind and can foster positive relationships between landlords and tenants for a lifetime.
Learn more about the cost of lawyers for lease agreements by checking out this article.
What Makes a Lease Agreement Legally Binding?
Lease agreements are legal contracts between landlords and tenants that govern their relationship. Contracts are considered legally binding when:
- The contract is enforceable
- Both parties agree to the terms
- There is a tradeoff (i.e., monthly rent in exchange for a place to live)
- Both parties are of sound mind to enter into the agreement
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