A lease is a legally binding document that ensures the relationship between a landlord and tenant is smooth and dispute-free. It requires clarity about important aspects of the rental process, such as lease duration, amount owing, duties both parties need to complete, and property usage.
A lease review is the examination of a lease contract that checks if all terms and clauses are legally sound, fair to both parties, and transparent to avoid disputes, financial risks, and legal issues.
Without a lease review, both parties are at a disadvantage. Tenants might wind up paying hidden fees or bearing the costs of maintenance and repair obligations on site. Similarly, landlords might not have an enforceable contract should there be issues related to nonpayment.
These are just some reasons why a lease review is essential. Read the rest of this article to explore lease reviews in greater detail and find out how you can find a reputable lawyer for assistance with a review.
What are Key Lease Terms to Review?
Leases usually contain some common terms that should be scrutinized before parties sign the agreement. These include the following:
- Parties involved. Names and details of both parties need to be correctly specified in the agreement.
- Property address. To avoid confusion, the address of the property must be included.
- Term. This specifies if the lease is a month-to-month or fixed term. Start dates and termination processes need to be defined.
- Amount due. The exact amount that the tenant has to pay needs to be stated, as well as payment frequency and due dates.
- Security deposit. The exact amount of the security deposit needs to be included, and how and when it will be returned.
- Additional fees. There should be transparency about all fees and costs, and who is responsible for them.
- Maintenance and repairs. Both parties need clarity on who is responsible for property maintenance and fixing items on site.
- Premise entry. This section of the agreement states when the landlord is allowed to enter the property and how much notice is required.
- Pets. If pets are allowed, the agreement should include how many pets can reside on the property, if there are size restrictions, and any other important considerations.
- Insurance requirements. The tenant is usually listed as having to upkeep insurance coverage when renting the property. All requirements need to be clear so they’re understood.
- Dispute resolution. Should a disagreement arise between landlord and tenant, the contract should contain methods for settling the dispute, such as mediation or arbitration.
When Do You Need a Lawyer for a Lease Review?
If you’re about to sign a lease agreement, you should consult with a lawyer for assistance. With their legal expertise, they’ll be able to spot any inconsistencies in the document and ensure your rights are protected so that you don’t encounter any legal or financial risks.
There are other times when it’s crucial to seek legal guidance for your lease. For example, if you have a commercial lease, you might want to sublet the space; if you have a residential lease, you might want to end the lease earlier than expected. Having a lawyer on board will help you to consider all your options for how to proceed so that you remain legally compliant and prevent disputes with the other party.
Here are other ways in which a lawyer can help you with a lease review.
- They’ll identify potential pitfalls, such as if there are unfair terms that put you at a disadvantage and prioritize the other party’s interests.
- They can renegotiate the contract’s terms so that it’s fair to both parties.
- They’ll decipher complicated legal language that can be challenging to understand.
- They have a deep understanding of lease laws in different jurisdictions, preventing legal issues from arising in the future. For example, they know that landlord obligations and duties vary considerably in different states.
- They’ll save you money by helping you to avoid any hidden or unfair fees in the contract.
- They can customize the agreement so that it reflects your specific rights and interests, whether you’re drafting a residential or commercial agreement.
- They’ll help you navigate the situation of lease agreement violations. These can land you in court and be costly, so your lawyer will ensure provisions are included to reduce your risk and enforce remedies.
- They can help you with dispute resolution methods, such as by representing you in mediation or arbitration.
- They can help you with complex commercial lease reviews, such as if you have multi-unit commercial properties or you’re renting out developments with different uses.
How Can You Adjust a Lease?
If you’re concerned about any terms or clauses in the lease agreement, you might want to make changes to the document. You and the landlord can agree to make those changes. If you go this route, make sure you get it down in writing, include your signatures, and include the original lease.
Working with a lawyer can help you so that you don’t miss anything important that could violate the law or result in other issues, such as ambiguity that doesn’t hold up in court.
How Do You Hire a Lawyer for a Lease Review?
Although it can be challenging to find a lawyer who’s reputable, professional, and located in your region, ContractsCounsel makes it a convenient process. This online legal marketplace connects clients with lawyers who have been vetted on the platform. Here is how to find one.
- Go to ContractsCounsel and post your project (requesting help with a lease review) for free. Include details about what you require.
- You’ll receive multiple bids for lawyers who are interested in your project.
- You can review the lawyers according to their credentials, fields of interest, and experience, so you choose the one best suited for your requirements.
If you don’t have a lease agreement yet, you can hire a lawyer from ContractsCounsel to draft you one so that it is legal, transparent, and fair.
