How to Lease A Property
While leasing a property you want the best because it is not an investment, it is an expense. So, you want every penny you pay for it to be worth it. It is no surprise that most tenants lease a property and end up regretting because either the property does not suit their needs, or they just cannot afford it. These are not the only problems that crop up in leasing. It is common for tenants and landlords to find themselves looking for expertise help due to an unpleasant event that have copped during the tenancy.
Know Your Leasing Needs and Objectives
If you want to lease a property for commercial purposes, it is obvious that your major objective is generating profit. Consider the expenses of leasing out the property over the profits the property will generate. Do not limit yourself into achieving several objectives. When you are looking to lease a house, for instance, consider your budget, in your terms, what property appeals to you? Other requirements such as pets, garage, gym, and etcetera.
TIP: Before you start hunting for the best property, outline all your needs and objectives. Think of what’s the ideal lease length for your company, budget, square footage, location, etc.
Start Touring and Inspecting In Order To Locate a Suitable Property
Make inquiries and survey the market. Tour candidate premises recording thoughts on each property before moving on to the next. While online searches may not be reliable, they provide you with a good start. However, make sure to pay a physical tour. While inspecting make enquiries about policies, amenities, budget, and any other issue you may find relevant and crucial.
TIPS: 1) Take pictures of potential properties you find suitable so that you may compare before making a decision. Put all the suitable alternatives in a format that that will be easy to make comparisons.
2) Do not trust pictures posted over the internet. Pay visits and inspect the property physically.
3) Taking the “owner” approach works well – consider the properties as if you wanted to acquire it, as this will put you in a mindset to look for every detail.
Reports: Buyers Property Inspection Report.
Agreements: Offer to Purchase real Estate Property.
Narrow Down and Find the Property That Best Suits Your Needs
Throw out properties you feel you can never lease due to various reasons. Make comparisons from the pictures you took and the notes you wrote down. Find a property that will best suit your needs. Then make a proposal for lease. Prepare a Request for Proposal (RPF) and issue it to suitable properties. Review responses from landlords and evaluate the offers. You might want to prepare a Comparative Lease Analysis.
TIP: 1) Do not compromise on your major needs and objectives to avoid future headaches. Do not be in a hurry to decide, take your time and choose a property that is best for you.
2) Be ready to pay a non-refundable rental application fee. Have the obvious documents ready so that when your offer is accepted everything moves quickly, business credit report, IDs, recent monthly pay stubs and a copy of your rental history.
3) Ask for a copy of the premises condition report.
Correspondence: Request for Proposal.
Worksheets: Comparative Lease Analysis.
Once you settle on the property you want, you will need to follow up on some documents that will be necessary for the leasing process. To start with, you will need to prepare a document to show your interest in leasing the property.
TIPS: You might need the services of a lawyer to guide you in preparing all the relevant documents that you will need.
Agreements: Option to Lease, Guarantee of a Lease, Industrial Lease, Addendum to Rent Agreement, Lease Agreement.
Sign Your Lease
A lease is a legal binding contract; therefore, you should go over every detail prior to signing it. Analyse every detail of the deal meticulously to avoid any future complications. You should of course have your own copy of the lease / tenancy agreement and keep it handy as banks, investors and accountants sometimes ask to see it.
TIP: 1) Check information pertaining to maintenance and repairs, if there is any upfront costs.
2)Does the lease automatically renew with no written notice?
3) What is the grace period for paying the monthly instalments?
Agreements: Lease Agreement, Assignment of Sublease.
Before you move in, walk through the property to take note of all issues. Fill out your part of the premises condition report. Bring any repairs to the attention of the landlord/lady. Note every flaw and problem so that you may not pay for damages that were already present when you moved in.
TIP: 1) Keep a copy of condition reports, your lease, and rent receipts, emails/letters you send or receive regarding the tenancy. Keep a diary of your dealings with the landlord.
2) Ensure that you comply with the terms of the lease and do not alter the lease.
Correspondence: Welcome Form New Landlord, Receipt for Lease Security Deposit.
Reports: Buyers Property Inspection Report.
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