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A Guide to Purchase Real Property

Signing a contract is important in stipulating the terms of between two parties.

You ought to have a well-drafted contract which both you and your tenant can trust. A high-quality contract agreement  also ensures protection to your property as well as ironing out your liability risk.

We understand the unique nature of every real estate agreement. As such, we provide tailor made solutions to suit your needs.

You will need to provide us with pieces of information on every aspect of the buyer. These include;

  • The location of the premise. The Contract agreement document should have details on the location of the property as well as its description.
  • Rent Payment schedules. It is important to mention whether the rent is to be paid quarterly, monthly or otherwise. Rent payment due dates as well as penalties thereof should also feature in the agreement.
  • Issues pertaining to the renewal or otherwise, of the lease. You should be able to specify the terms for renewal of the tenancy. In so doing, you spell out to the tenant, what conditions have to be met in order for them to be eligible for continued tenancy once the stipulated time frame expires
  • The names of both the tenant and the landlord and any third party such as the property manager, as well as their contact details should feature in the lease agreement
  • Any of the tenant’s privileges such as access to parking allotment should also feature. Issues to do with furnishings or such like installations situated in the property should feature in the lease agreement
  • Issues relating to early termination of tenancy
  • Guest as well as pet policies. This being your property, you as the landlord has a right to choose whether visitors are to be allowed into it or not. You also have a right to regulate such inflow.
  • The tenant’s rights and obligations during their period of tenancy as well as those of the landlords

Some other aspects that might be important to take special note of are; the landlord’s right to access of the facility during the period of tenancy as well as who the duty of making repairs on the property during the period of tenancy lies with. In most cases, repairs are handled by the landlord whereas the client remains responsible for some of the utilities and bills. Some tenants may require specific clauses on matters pertaining to subleasing of the property, which further makes every encounter client-specific.

 

2 Responses to A Guide to Purchase Real Property

  1. SissyMacDougall /

    September 8, 2015 at 4:03 am

    Ooh, I would love to purchase some real estate someday. I’ve been working hard all my life, and I think it’s time. But I wasn’t necessarily thinking of a rental. Do you think it’s wiser to start with an income property, or a home to live in?

    These are great tips – printing out right now for my refrigerator door! (That will remind me to start looking.)

  2. Francie Eschenower /

    September 8, 2015 at 4:22 am

    Okay. I get it. I think it’s a good idea, but I can also see the downside. I think when I go shopping for a place, I’ll bring my boyfriend with me so he can scope out the repairs and see if they’re just too overwhelming.

    Thanks!

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