Things To Look For While Leasing A Property

By Author: Thomas Willium
Total Articles: 79
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If you want to lease the new townhomes Mississauga, you must know the steps. Residential or commercial lease, there are some lease concepts with which you need to be familiar.
Parties and Property
Your lease has the identity of the landlord, the tenant, and the property. Ensure to put in the correct address and name. While signing a commercial lease ensures that the business corporation is an LLC than someone you know. It protects you from liabilities.
The Term of the Lease
The term is the amount you legally must pay to occupy the property. You must pay the rent. For the residential leases, the term lasts for one year. Multi-year terms are usually for commercial leases.
Holdovers a.k.a. Lease Extensions
At the end of the lease term, it converts to a month-to-month tenancy. It means you can live in the property and pay rent, but you or the landlord can end the tenancy on a 30-day notice period. Commercial leases mostly expire at the end of the term, even though they can renew for an additional time.
Rent
The lease will mention the amount of the rent. Notice if there are any ...
... penalties for not paying the rent on time. Ensure the lease gives you a short grace period if you pay late.
Security Deposit
You must pay a security deposit as per most leases in the new townhomes in Mississauga. It is in case of any damage that you do. A typical security deposit is the same as the rent for one month.
Utilities
The residential lease must mention under whose responsibility the utilities fall. These include gas, electricity, water, and trash service. You can understand the terms better with the help of the
Miscellaneous Tenant Rights and Responsibilities
You are responsible for the maintenance issues like tending to the lawn and snow removal. It may also have rules for using the property, like cleanliness and if you can alter the property.
It may also have restrictions regarding who can work or live there. It may tell you if you can run a business in that place and operate it in the commercial space.
How to Negotiate a Commercial Lease?
Read the paperwork carefully. If you have any property queries, discuss them with the landlord before you sign the lease.
Subletting
According to many leases, you can only sublet the property or assign the lease with the landlord's permission. You cannot rent the property to a third party without your landlord's permission.
Insurance
Insurance is very important for any commercial or residential property. When you lease the property, you may need to obtain insurance.
Always Read the Lease
The lease will have many clauses and sub-clauses. So, read them and then sign them. Only sign after thoroughly reading it. Do this, especially with the multi-year commitments.
Thomas Willium is the author of this article.To Know more about New townhomes Mississauga please visit our website:dunparhomes.com