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Rental Estate Legal Forms Tips
RocketLawyer.com Tip: Commercial Lease Agreements
If you own commercial space, leasing out the space can be an alternative to selling the property. By leasing, you can hypothetically get more value out of your commercial space. Additionally, if the value of your space rises, you can raise the leasing price accordingly.
To successfully lease out commercial space, you need to be well aware of commercial lease agreements. These lease agreements are used to make legally binding contracts in which you are able to lease out commercial space, whether that space is utilized for a business office, business storage or any other commercial use.
Within the commercial lease agreement, the involved parties agree to many aspects, including the rental amount and the length of the agreement. There are numerous other aspects that are covered within a quality lease agreement that plainly illustrate the rights for each member of the agreement. In a court of law, the commercial lease agreement is often used as the primary evidence to settle any disputes.
As a commercial property owner, it’s vital that you have a well written and thorough commercial lease agreement to protect you and your property. You can find Commercial Lease Agreement forms at RocketLawyer.com which will make it easy to draw up your Commercial Lease Agreement.
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3 Common Types of Property Deeds
The legal form that transfers ownership of a piece of property from one person to another is called a deed. A deed includes the names of the person who is selling the real estate and the name of the person who is purchasing it. When the seller signs the deed, he or she transfers ownership. Deeds must be notarized to become binding legal forms.
Types of Deeds
1. Grant Deed - A grant deed transfers full ownership of real estate from one party to another. Signing a grant deed implies that you actually have the right to transfer ownership of the property to the other person.
2. Warranty Deed - A warranty deed includes an explicit promise to the buyer that the seller has free title to the policy.
3. Quitclaim Deed - This type of deed transfers one person’s ownership interest in a property to another person. This type of deed is often used during divorce proceedings, when one party signs his or her interests in jointly owned real estate to the other. The percentage of ownership is not specified; rather the person just signs over “all” of his or her ownership rights, whatever they may be.
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RocketLawyer.com Tip: Importance of Written Rental Agreements
Landlords looking to rent out apartments should be sure to use a sufficient Apartment Rental Agreement. An Apartment Rental Agreement is the binding contract between the landlord and the tenant of the apartment. This binding contract holds a great amount of weight in a court of law if there is ever a dispute between the landlord and the tenant.
Subjects covered by an Apartment Rental Agreement include the monetary amount of the rent and when the rent is due, as well as all rules and regulations that the tenant must follow. For example, a landlord can specify in an apartment rental agreement the maximum number of occupants an apartment is allowed to house.
Renting an apartment with just a verbal agreement is asking for trouble. It is impossible for a verbal agreement to be as in-depth as a written Apartment Rental Agreement. If you are renting multiple apartments, it becomes even more important to utilize an apartment rental agreement to protect both your property and your financial wellbeing.
While all Apartment Rental Agreements won’t be the same with all tenants, a good Apartment Rental Agreement covers all the basics in addition to any circumstances that may arise.
You can find Apartment Rental Agreements and other real estate lease forms at RocketLawyer.com. It takes only minutes to create your customized legal document.
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Follow Proper Procedure When Evicting Tenants
When landlords have tenants who violate the terms of the lease, it is within their rights to evict the tenant from the property. However, the decision to evict a tenant is not one that can be made lightly. It must be consistent with the terms of the lease agreement and must be compliant with real estate laws.
Landlords must be certain they are observing all applicable real estate laws any time a tenant is evicted. They are required to notify tenants in writing of their intention to evict. With the proper use of legal forms eviction proceedings can go more smoothly and reduce the risk of facing legal actions brought by the evicted former tenants.
Examples of Legal Forms Often Used in Evictions:
Notice of Lease Non-renewal (lets tenants know they have to leave at the end of the current lease period)
Notice of Lease Termination (tells tenant to leave)
Notice to Pay Rent or Quit (lets tenants know that eviction proceedings will begin if rent is not brought current)
Visit RocketLawyer.com for an eviction notice worksheet that can help you determine the proper steps in evicting a tenant.
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RocketLawyer.com Tip: Apartment Rental Forms
When you are renting out an apartment, it can sometimes be difficult to find the perfect tenant. Ideally, you want a tenant who will pay their rent on time and won’t cause any harm to your property. You can help find a quality tenant by having each prospective tenant fill out a Rental Application.
On a Rental Application, a landlord gets information such as a social security number and place of employment. Additionally, a landlord also receives information on where the prospective tenant previously lived and how long the prospective tenant has been employed.
This is useful for screening potential tenants. The rental form could point out red flags such as a poor rental history with a prior landlord. That information can save you many headaches down the line.
By reviewing a number of Rental Applications, you can raise your chances of finding a quality tenant for your property. You can find many useful legal forms for landlords, including a fully customizable Rental Application and Apartment Rental Agreement, at RocketLawyer.com.
