Because a lease is a contract
obligating landlords and tenants for a set period of time and, a disposition of an interest in real property, the parties
are urged to examine a lease closely before signing it. If there is
something you do not agree with you can always attempt to negotiate
a change in terms even if the lease is on a pre-printed form. If you
are a tenant seeking a landlord concession get it in writing and
initialed by the landlord.
How Long Does the Lease Run?
A typical residential lease will span one year. However, a month-to-month lease will provide a tenant and landlord more flexibility.
A typical residential lease will span one year. However, a month-to-month lease will provide a tenant and landlord more flexibility.
What Limitations Does the Lease Contain?
Leases may contain provisions preventing activities and uses of the property. Typical limitations include:
Leases may contain provisions preventing activities and uses of the property. Typical limitations include:
- Limiting the number of people who can live on the premises
- Preventing the unit from being used as a home business
- Prohibiting pets
- Preventing sub-letting or assigning the lease
- Restricting illegal activities
What Will Happen at the End of the Lease?
The lease may indicate what type of notice a tenant must give the landlord before moving out. The lease may indicate if proper notice is not given then the lease is automatically renewed. The lease may also indicate what would happen if a tenant does not move out on time.
The lease may indicate what type of notice a tenant must give the landlord before moving out. The lease may indicate if proper notice is not given then the lease is automatically renewed. The lease may also indicate what would happen if a tenant does not move out on time.
What Will Happen if a Tenant Breaks the Lease?
A lease may contain a clause that requires the tenant to pay a fixed amount of money upon a breach of the lease.
A lease may contain a clause that requires the tenant to pay a fixed amount of money upon a breach of the lease.
What about Rent Payments?
Besides the agreed upon rate, a lease should contain information about when the payment is due, when it is considered late, what happens if it is paid late and what the penalty is.
Besides the agreed upon rate, a lease should contain information about when the payment is due, when it is considered late, what happens if it is paid late and what the penalty is.
What other Provisions Should be Included?
Other lease provisions you should look for include:
Other lease provisions you should look for include:
- How and when the security deposit is returned?
- Who is responsible for utilities?
- Who performs maintenance and repairs?
- Is there a lien on personal property for failure to pay rent or cause damage?
- How and when can a landlord enter the property?
Do I Need a Lawyer to Review My Lease?
You may want a Bahamian real estate lawyer to review a lease before you sign it. An experienced Bahamian real estate lawyer can help you understand all the provisions of your lease and make sure there are no unfair or illegal clauses in it. You may contact a Bahamian real estate lawyer by clicking here.
You may want a Bahamian real estate lawyer to review a lease before you sign it. An experienced Bahamian real estate lawyer can help you understand all the provisions of your lease and make sure there are no unfair or illegal clauses in it. You may contact a Bahamian real estate lawyer by clicking here.
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