Lease

Discussion in 'Landlord & Rental Property Questions' started by dianethare, Aug 6, 2014.

  1. dianethare

    dianethare Senior Investor

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    For how long should a lease go on for before renewal? an year or two? is this rigidly set or how the landlord sees fit? and can you evict a tenant before the lease period is over?
     
  2. Kate

    Kate Senior Investor

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    It's usually 1 year from my experience. *But* not always. In some circumstances, landlords make a decision to go month-by-month. It never made a lot of sense to me, but I'm sure there are sound reasons why it would be done that way. Maybe that would be for students or people who have temporary work. (It can also be made to go longer... like I think our renter has an 18 month lease that the manager drew up at this point.)

    And sure you can evict before the least is finished for a number of reasons... the top two being non-payment of rent and destruction of property.

    Sure hope you find a perfect tenant soon, Diane!
     
  3. Peninha

    Peninha Senior Investor

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    It depends on the law in your country, one years seems good, after one year the rent value can also change right?
     
  4. dianethare

    dianethare Senior Investor

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    You do know how to put a smile on my face Kate, :) last sentence right there, yes still out here looking for a property manager yet and a tenant, thank you too for that red flag on eviction, a friend of my mom's was telling me that a lease protects tenants from these kind of things, that even if {s}he misbehaves, the lease protects him/her...is that true?
     
  5. dianethare

    dianethare Senior Investor

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    You are completely right Peninha, the rent does indeed change according to the market value...i 'm in the process of drafting a lease, that's why i 'm seeking your advice, one year seems pretty fair to me.
     
  6. Kate

    Kate Senior Investor

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    Well... hmmm. Let me think on that one. I'd have to say that a lease definitely protects both the landlord and the tenant. *But* it doesn't protect a tenant to the point of letting them "misbehave" as you put it. Like they can't destroy the place and/or not pay the rent and think that a lease is going to protect them from being evicted just because it's a 1 year lease.

    Wording is important to be sure that doesn't happen, so that's why attorneys usually draw up the paperwork. There are probably legal sites online where an air-tight lease can be downloaded, but you'd have to be sure it covers everything you want it to cover if an attorney is out of budget range.

    Bottom line: A 1-year lease is protection for both sides *if* and only if, the terms of the lease are met.
     
  7. Peninha

    Peninha Senior Investor

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    We had a huge law changes in leases here in Portugal recently because the contracts could not be changed, people were paying the same thing for 20 years for example, insane.
     
  8. Determined2014

    Determined2014 Guest

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    Most common lease agreements go for one year, I believe it is the way the landlord feels, a lease can be terminated if the tenant goes against the lease agreements, though some tenants indicate on the lease agreement, that they have the right to end the lease agreement before the agreed time if they feel like it.
     
  9. Profit5500

    Profit5500 Senior Investor

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    It can change depending on what goes on in the market that you are in. I don't think the lease agreement would go beyond a year but I don't know. The landlord it more or worried about getting his or her rent money anyway.
     
  10. dianethare

    dianethare Senior Investor

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    That is outrageously insane Peninha, i can't even picture getting the same rent value for 20 years, that's more party-time for the tenants and more sad moments for the landlords :(...thank God for the laws in my country, although some are a bit tough to chew on :(...am supposed to head out to the rent tribunal and get a copy of the new laws between Landlords and tenants, maybe they'll shed more light into the issues am dealing with at the moment.
     

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