Create a Watertight Property Agreement
Many property owners prefer leasing their homes, flats etc to corporate entities. Top property lawyers in Australia are of the opinion that corporate property leases are safer than personal leases. Property agreements tend to be tightly woven and the conditions in case of non-payment of rental, damage and misuse etc are explained in detail. There are several benefits to choosing a corporate property lease over a personal one:
- Companies have clear cut rules regarding renting premises either for work or for employees
- The likelihood of fraud is much less because the company is responsible for its tenants
- There are fewer chances of defaulting on rent payments as the agreement will specify terms and conditions correctly
- Rent is more likely to be paid on time and moreover, you are likely to get a new tenant when the previous one vacates
A reliable property lawyer will help you create a well-structured and comprehensive corporate property lease agreement. This will help set your mind at rest due to the higher levels of comfort and reliability and the fact that the financial veracity of the tenants will be vouchsafed by the corporate house that leases the property from you. Corporate property leases also tend to be of longer duration compared to personal tenancy agreements. This in turn helps maintain sustainability of income derived from your property.
The lease agreement plays an important part in streamlining the relationship between the landlord and the corporate tenant. The agreement will clearly stipulate the rights and responsibilities of both parties. When the lease is signed, it implies that the corporate entity as well as the owner agrees with the terms and conditions contained in it. The most important fact is that corporate property lease agreements are recognised by Australian courts and both parties are expected to follow the recommended guidelines.
A typical property lease agreement will contain the correct names of both parties (the contract may also contain the name of the person authorised to manage the property on behalf of the landlord. The contract will also contain a brief description of the property, the date on which rent is due and the amount of rent due. The agreement will also explain the penalties and charges due if the contract is terminated before the lease period is over. Other details will include the amenities that the tenant can use, rules regarding pets, noise, repairs as well as procedures for emergency requests.
Violations of the rules listed in the agreement may render the tenant liable for eviction. A clearly worded property lease agreement explains everything that was agreed to between the parties and is an important document in the event of a dispute between the landlord and the tenant.