Example: Tara rents an apartment with a fixed amount of rent of $1200/month. All the apartments around Tara go up to $1600/month. However, Tara's rent won't raise, as it is fixed at $1200. Tara's rent also includes the fee for any repairs needed.
Definition: A lease where the rent is stable, but leaves room for bumps in the rent to reflect the current state of economics and value of the property. lease or rent? Regardless of just how much you feel you are knowledgeable about lease or rent, visit read more, to go deeper into this subject..
Example: Sarah rents an apartment at $1000 in 1999. She is on a lease agreement that allows for bumps in the price of living, but is still stable. She stays at her apartment through the mid 2000's economic boom. Sarah's rent rises to $1400 in 2005 because the worth of the apartments jumped so high.
Lease Or Rent Overload?
Example: Paul rented a commercial building for $4, 000/month. The rent includes all utilities and an allowance for repairs if needed. To go deeper into important info about lease or rent, check out the link; http://dowdconsult.blog.com/?p=45.
Example: Karen is the holder of a townhouse. She rented her townhouse out to Tod for three years. After three years Tod moves out and she rents her townhouse to Fred. She transfers the right of occupancy from Tod to Fred.
Definition: A lease that replaces the lease between the landlord and the current tenant with a lease between the landlord and a new tenant and releases the current tenant.
Example: Arnold rented his house out to Terry for one year. After 6 months Terry found a house he was trying to buy and wanted out of his lease. Terry found a new tenant, Brandon, to rent the house for 6 months to replace Terry. Arnold agreed to rent his home to Brandon for the remaining 6 months of Terry's lease and release Terry from any responsibilities.
Example: Holly rented her house to Gary for year. After three months Gary stops paying the rent. Holly sends him a notice that says he has 7 days to pay or he has to let the house. Gary doesn't pay and doesn't leave. Holly has to move his stuff out into the yard, and replace the locks to keep Gary out.
For example, if you rent your apartment out for $1, 500 per month, when someone moves out and leaves it vacant, you will lose $1, 500 on that month's rent, Corbett says. This is to say nothing of the cost to clean and spruce up the apartment properly for the next renter.
Definition: A rule that gives tenants the right to private and undisturbed possession of the property during their lease term.
Example: John rented a house out from Bob for one year. Three months into the lease Bob asked if he could show his sister the property because she was visiting from far away. Bob said he would just come by when John was not there as he had a key. John said no way and it was an invasion of his right of privacy while he lived on the property. Bob agreed not to display the property and respect John's privacy.
Managing a property or properties is hard enough. However, finding a good tenant that will care for your property as though it were their own and remit the rent on time is a major factor in the successful property management.
Free tenant screening forms for property managers will help you identify the right tenant for your property. These forms are free when you sign up for a free account and you?ll have access to our property management software program as well.
Definition: A notice from a landlord that states an amount attributable to a tenant that needs to be paid within three days or the tenant must move out.
Example: Mary rented her condo out to Simon for $1000 on a year lease. After three months Simon stops paying his rent. Mary really wants her money so she gives Simon a notice that says he must pay the money he owes Mary or he must leave the property within three days.
Example: Ron rented a house for $2000/month for two years. After one year and a half Ron lost his work and could no longer afford the $2000/month. He left the property with all his things, without telling the owners and stopped paying.