Contracts of Lease is a common bilateral agreement between the Lessor (the landlord), the party who leases a space or a property for a fee (more popularly recognized as rents) and the Lessee (the tenant), the party who leases the property and is obliged to pay rent. Lease, as a contract mandates each party, the lessor and the lessee to abide by standard contractual relation over which the terms and conditions of the said lease contract must be mutually followed by them.

The responsibilities of the lessor and lessee are essentially separate but mutual. Verbal forms of lease are already abolished from the mainstream. Instead, it is narrowed down into writing that should be notarized. In order to forge a valid lease contract, there must be meeting of the minds. This means that the parties must bilaterally stipulate the terms and conditions of the lease. It is discouraged that the contract should be stipulated by the lessor only because otherwise, the contract will become a “contract of adhesion” which is given less respect by courts against the lessor.

In whatever case, the liabilities of the landlord and the tenant depends on the terms and conditions stipulated by the contract usually separated as the duties and responsibilities of the parties, which specifically deals with the span and duration of the contract, grounds for recession of the contract, prohibition against subleasing, installation of improvements, payment of bills. These are just some of the major key elements that both the land lord and the tenant are obliged to comply in good faith.

This is the reason why both the parties must see to it that they must sit and talk about the major stipulations in the contract, draft stipulations that are fair and commensurate to both parties and incorporate it as a whole integral part of the contract itself. Once the contract is done, both the parties affix their signature, thereafter signed by two disinterested witnesses and thereafter it will be acknowledged before a notary public. Once the instrument is notarized, it becomes a public instrument that is binding between the land lord and the tenant. This would mean that both the landlord and the tenant are duty bound to comply and perform their part of the bargain. The reason is that, their already exist a landlord-tenant relationship and as such, they are mandated to follow the stipulations in the contract because this is the law by and between the parties.

Related Posts
Different investment property purchasing options
Investing in real estate property has become a trending way to earn a profit for the last 50 years. It is important to learn the different property purchasing options and ...
READ MORE
Pay taxes on time
When April 15 is round the corner, it becomes a really stressful time for the tax payers. Paying of tax is imperative for one and all. Hence there are also ...
READ MORE
What is involved in filing for bankruptcy
People who are having problems paying their financial obligations sometimes consider bankruptcy to acquire comfort from selection initiatives, remove some or all of their financial obligations or rebuild their debt ...
READ MORE
Alimony
Alimony means the financial spousal support that the financially strong spouse pays to the other after the divorce. Alimony law has been made because in the earlier times women did not ...
READ MORE
Basics of Business Partnership
By definition, a partnership is a business with more than just one person or one owner running it. A partnership refers to businesses with owners who have not filed legalities ...
READ MORE
Do you need a real estate lawyer while buying home or other real estate?
Despite your financial worry that a lawyer's fee would cost too much for a simple decision such as buying a house, it would really be very ideal and would be ...
READ MORE
Bankruptcy filling without an attorney
Within the 2005 legal guidelines, customers have to choose credit score guidance before submitting a new individual bankruptcy request. Consumers are also subjected to an easy method check, to determine ...
READ MORE
Child Abuse
Kid misuse is the actual, sex-related or emotional maltreatment or ignore of kids or kids. In the United States, the Centers for Disease Control and Prevention (CDC) and the Department ...
READ MORE
How to Deal With Zoning Problems?
Right location is an important factor to running a successful business. A strategic location can give you the right customers and publicity. You may find the right location perfect for ...
READ MORE
Help with divorce cost
Divorce is anyway not a very pleasant experience. And when you consider the emotional, physical and financial trauma two of them undergo, it is really tedious to deal with it. ...
READ MORE
Different investment property purchasing options
Pay taxes on time
What is involved in filing for bankruptcy
Alimony
Basics of Business Partnership
Do you need a real estate lawyer while
Bankruptcy filling without an attorney
Child Abuse
How to Deal With Zoning Problems?
Help with divorce cost