Legalese. Most legal documents – even the most common ones – are full of language we don’t understand. Take leases, for instance. Most of us have signed a lease at some point. Whether it’s for a home or a warehouse, you’re likely to see some of the following provisions in a lease.
Basic Lease Information.
A lease is a legal document that gives someone possession of property for a specified time for specified compensation. Leased property is tangible property like land, homes, automobiles, industrial buildings, and computer equipment.
Some information is contained in just about every lease:
- The names of the parties and a description of what is being leased.
- Signature lines and places to fill in the date.
- The term of the lease, or the time that’s covered by the lease, is included. For example, a lease might say it remains effective for 6 months or 12 months. The date might also be spelled out: The lease begins on April 1, 2018 and ends on March 31, 2019.
- The amount of compensation the tenant pays to the landlord in exchange for the use of the property.
These parts of the lease are pretty common sense and straightforward.
Beyond the Basics.
Some provisions define or limit responsibilities and property use:
- Tenant Do’s and Don’ts:
- Maintaining the Premises – spells out the tenant’s responsibilities to keep the property in good shape.
- Limits on occupancy – tenants may only be allowed to have a certain number of people living or working at the property.
- Subleasing Clause – landlords may restrict or allow subleases of the property.
- Landlord Responsibilities:
- Warning of Concealed Defect – a landlord must disclose important information about the property.
- Entry to Property – when the landlord is and is not allowed to enter the leased property.
- The Lease Itself and General Stuff:
- Joint and Several Liability – pertains to situations where one or more parties will be held liable for damage.
- Renewal – terms of renewal. Some leases go month-to-month.
- Default – what happens when either party doesn’t do the right thing.
- Dispute Resolution – how the parties will handle disagreements.
- Escalation Clause – may lead to increase in an agreed price based on fluctuations beyond the parties’ control.
- Termination – sometimes you just have to part ways, and this clause tells you how.
Have Your Leases Reviewed by an Attorney.
Sometimes leases are used for things like computer equipment, software, or automobiles.
Estate planning documents may be the most important documents you’ll ever sign. Let the attorney at the Dillon Law Group, PLC, help you put together a comprehensive estate plan. Call us at 757-962-4796 to schedule an appointment or use our Contact Form to let us know you’re interested. We assist clients in Virginia Beach, Newport News, and surrounding areas.