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Question by : Question about lease option vs lease agreement.?
I have a lease to purchase option that will be expiring this month and I am not exercising my right to buy it. My question is I signed both a Residential Lease agreement and a Option to Purchase agreement. Upon moving in I paid $ 1795 for the first month $ 1200 for damage deposit and $ 1795 for last month. When I gave my notice I was reminded that the $ 1795 I thought was for the last month was actually for my option fee… Upon looking through my paperwork I do see in the Option agreement I am paying a $ 1795 fee that is non refundable. HOWEVER in the lease agreement it says I am paying $ 1795 for first month, $ 1795 for the last month that shall be used towards the last month of tenancy. Also a $ 1200 damage deposit. This is all that I paid a total of $ 4790 to move in. My question is would either of these agreements I signed supersede the other? Since I did not pay both the last month and a option fee. I was under the impression through our conversations that I am paying only the $ 1795 last month rent. Should I withhold my last month’s rent? What if he trys to evict me?

Best answer:

Answer by Duane
you could tell him that things just got tight and your good for it drag it out but have a place to move to or contact a lawer and see what he says good luck best of wishes!

What do you think? Answer below!

Question by : what should the penalty be for vacating a California residential lease early?
i have a rental property in southern california that i have been renting on a month-to-month basis. some prospective new tenants have asked about getting a fixed term lease

if you are a landlord or a tenant and have a fixed term lease with a penalty clause for vacating early can you provide me with the text of that clause from the lease agreement

Best answer:

Answer by Laiowyn Silvanos
My lease states that 30 day written notice is required before vacating and that if the property is vacated, even with notice, before the term of lease is up, I, the tenant, am responsible for paying off the remainder of the lease’s contract (so basically if I leave 6 months after starting a 12 month lease, I still have to pay for the remaining 6 months) and forfeit my security deposit.

Know better? Leave your own answer in the comments!

Question by : Once a Residential Lease is signed can a landlord back out of the leasing agreement?
My husband and I applied for an apartment and signed a 1 year lease. We provided checks for our deposit and last months rent. This was over 10 days ago. We are supposed to move on the 1st. Tonite the landlord calls up and says he changed his mind and is returning our checks. We have signed the lease, changed our mailing address and set the utilities to be turned on in our name.
Once the lease is signed and dated by all parties including the landlord is he legally able to change his mind? what do we do now?
We live in Ontario Canada

Best answer:

Answer by 2martins
Read the lease. The agreement that you signed with him governs what he can and can’t do. However, even if he can’t legally do that, your only remedy is probably (depends on the state) to sue for specific performance under the lease, ie, to let you move in as agreed. If you win, he’ll likely be liable for your legal costs, but this may depend on the state.

Do you really want to live in an apartment with that landlord for a year knowing that he now doesn’t want you there? Do you think he’ll be a good landlord? This could be a blessing and you may have just dodged a bullet by getting out of what could have been an unpleasant situation.

What do you think? Answer below!

Article by Michael Mullin

“Efficient and effective” has become the mantra of choice for busy commercial real estate owners and managers. Nowhere is this more applicable than in lease administration, especially in current challenging times when survival can depend on successfully collecting money due, and accurately managing revenues and pass-throughs.

The commercial real estate industry forfeits billions of dollars of revenue and valuation each year. Why? Because the lease terms that entitle them to recover operating expenses from tenants are frequently interpreted, calculated, billed and applied incorrectly.

A surprising number of real estate professionals still calculate expense recovery billings manually, without a high degree of automation. Many utilize spreadsheet programs – which generally goes strongly against the drive toward efficiency and effectiveness. According to NAREIT statistics, only 70 to 80 percent of eligible operating expenses are recovered due to errors and associated administrative costs.

To begin, the cost of calculations can be significant, particularly for companies with large portfolios. Tenant recoveries represent approximately 25 to 33 percent of gross revenues for commercial real estate companies. Employees can spend countless hours shuffling through formulas to accommodate changes through the life of a lease. Worse yet, unavoidable human error can lead to costly omissions and mistakes.

While this is true across commercial sectors, it is particularly applicable to the highly specialized, complex field of retail management. So much of retail lease administration hinges on the issue of recoveries involving percentage of sales, taxes, operating costs, utilities and other items. Tremendous variation exists in lease terms, based on an assortment of factors that impact how much each tenant will pay. Administrative fees, too, differ considerably from those typically incurred in office properties.

In a typical office building, the percentage of operating expense reimbursement is stipulated in the lease agreement. In a shopping center, however, a tenant’s reimbursement percentage is generally based on a formula. While the numerator of such a formula is straightforward, the formula for the denominator is often quite complex. These denominator formulas will typically contain excluded areas and occupancy factors within the calculations.

Much of the complication arises out of the need to adhere to recovery terms dictated by anchor tenants. This creates a strain on calculating the formulas for the anchor as well as the smaller tenants. A mall manager might very well end up with 40 different denominator calculations for 40 different tenants. The calculations are further complicated if – as has happened in the current economic downturn – vacancies rise dramatically.

THE GOOD NEWS

On the bright side, technology has evolved to allow for integrated, automated expense recovery systems that not only save extraordinary amounts of time but also provide a proper structure and audit mechanism to minimize or eliminate errors. The IBS system, for example, creates each lease using the core lease information and then inherently adjusts for changes in key factors through its term.

As a result, the personnel requirement becomes more of an audit function than that of a calculation function. Additionally, the existence of a demonstrable, tightly integrated escalation system is highly valuable in resolving tenant disputes and actually may lead to a reduction in disputes based on the customer being more confident in the landlord’s administration skill.

As further good news, commercial and retail owners and managers have become increasingly focused on seamless integration of their core accounting functions with other third-party applications, such as work order programs, document management programs, etc. At IBS, we take pride in the sophistication of our integration software. We are meticulous in analyzing the data mapping and transformation between our system and a number of leading third-party applications.

The next step in real estate management technology will involve maximizing the potential of the Internet as a means of connectivity among various management-related systems. From lease collaboration to electronic disbursement of invoices and accounts payable, best-of-breed solution integration is providing interesting returns on investment as owner/operators look to extend their use of technology to become more efficient.

GETTING THERE

Yes, fully integrated solutions do exist and are achievable. Yet while reaching this level of automation is a clear goal, the challenges involved in implementing a new system can be daunting – and exponentially more so as the size of the portfolio and complexity of leases increases.

The core system must be solid, able to capture an incredible level of detail, and flexible enough to handle the most sophisticated lease structures. And it is critical to work with a vendor that not only provides a premier-quality system but backs it with superior training and support services.

Making the transition takes time and trust. However, once the right system is in place it can lead to great things in the quest to achieve the most efficient and effective lease administration operations.###

The IBS real estate management system currently is used by more than 100 prominent residential and commercial real estate owners, developers and property managers in the New York/New Jersey region. Its software has been developed and enriched over three decades, and offers unparalleled functionality and audit-ability. Today, IBS is delivered in a progressive, browser-based computing environment.

Question by hoodguy: How to resolve breach of Residential Lease-Purchase Agreement?
In February 2011, I signed a residential lease-purchase agreement with a contractor in the state of Maryland. The agreement states that the seller, (landlord/me) lease unto the Tenant (contractor) the specified residence for a term of 24 months. Rent for the premises is payable in monthly installments of $ $ $ $ to be paid on or before the 1st day of the month which rent is due. There is a mortgage on the property and the rental money was to be applied to the mortgage by the contractor. The contractor had the mortgage payment book.

It is agreed that if the tenant shall be in arrears in the payments of any installment of rent, or any portion thereof, or in default of any of the covenants or agreements herein contained to be performed by the Tenant, which default shall be uncorrected for a period of 20 days after the Landlord has given written notice, thereof, Landlord may, at this option, without liability for trespass or damages enter into and upon said premises, or a portion, thereof; declare the term of this lease ended; repossess the said premises as of the Landlord’s former estate, peaceably expel and remove the Tenant, those claiming under him, or any person or persons occupying the same and their effects; all without prejudice to any other remedies availble to the Landlord for arrears or rent or breach of covenant. It is further mutually agreed that the parties, in consideration of the performance of all the covenants and agreements herein to be performed, and for Tenant agreeing to perform all repairs to the property as per agreement with document titled
Real Estate Contract Sale.

The situation is there is a mortgage on the property and it was agreed that the contractor would take possession of the property, make mortgage with rent money and perform repairs to the home while renting and at the end of 30 months, the option for the contractor to buy the home would be available. July 22, 2011, I received a notice from the mortgage company stating that the mortgage for that month had not been paid. I contacted the contractor by phone and email to inform him of the situation and to date, I have not gotten a return call from him. Also, the contractor subletted the property out to a tenant and she paid him the money for the July rent and was highly upset that he did not pay the mortgage.

Because we did have an agreement which the contractor breached the terms of the agreement when he did not make the mortgage payment and he is not responding to my calls, how to I get repossession of the property when there is a tenant in the residence that I leased to the contractor. What are my options since the contractor is not responding to my calls or communications?

All advice is welcomed

Best answer:

Answer by linkus86
You must evict the tenants of the property as per the law in your county. The problem is that your contract with the contractor was not written within the state real estate laws and there fore certain clauses are unenforceable (especially the part how you planned to retake possession in case of default) Most states require you give your tenant (the contractor) a 3 day quit notice at their last known address (the house) before you file for eviction.

Add your own answer in the comments!

Question by lmcraig1967@sbcglobal.net: download printable free residential lease agreement ohio?

Best answer:

Answer by godged
Bad idea. You get what you pay for and you might get forms that may not even be applicable in your area. Lease forms are generally available for a buck or two a piece online or from a local property management company, a cheap investment to protect your property.

Add your own answer in the comments!

Article by Franco Zinzi

The straight or naked real estate option strategy that I am writing about in this article is completely different from the so-called lease-option strategy, which has been hailed by numerous lease-option fanatics as the greatest real estate investment strategy since the introduction of nothing down in the late 1970s. But to me, the standard lease-option strategy that is being taught today is just as flawed as the nothing-down strategy of yesteryear! I say this because almost all of the material that has been written on the subject of lease-options glosses over the potential risks, problems, and pitfalls that can occur when using the typical lease-option scheme being peddled today. In fact, the term lease-option, as it pertains to the standard lease-option strategy being taught today, is a misnomer. What is being taught today is really a sublease-option strategy, which requires investors to lease a property and then sublease it to a so-called tenant-buyer. Thus, the correct term for this strategy is sublease-options and not lease-options.

This is exactly why I give you the lowdown on the standard lease-option strategy that is being taught today. And once I have finished telling you all of the details on the potential risks and problems that lease-options pose, I show you how to properly structure a lease and option transaction so that you can use the low-risk, low-cost lease and option strategy to profit from single family houses. First off, the risk versus reward ratio for sublease-options is way out of whack! In other words, the risk potential that is associated with using sublease-options far outweighs the profit potential! There are just too many things that can go wrong with a sublease-option deal, which a lessee has absolutely no control over. For example, during the sublease-option period, any of the following can and usually do occur:

1. The tenant-buyer fails to make lease payments and must be evicted.2. The tenant-buyer cannot be evicted from the property because a court rules that he or she has an equitable interest in the property and must be foreclosed on instead of evicted.3. The tenant-buyer commits a wanton act of malicious vandalism and destroys the leased property.4. The owner refuses to sell the property after the tenant-buyer has exercised his or her option.5. The owner refuses to sell the property at the agreed-upon purchase price after the tenant-buyer has exercised his or her option. 6. The property under lease-option is damaged or destroyed by fire, storm, or earthquake, and the tenant-buyer must be relocated.

The standard sublease-option strategy being pushed today involves leasing a property and then subleasing it to a tenant-buyer. This requires the lessee (tenant) to become a lessor (landlord) responsible for managing the tenant-buyer. A sublease is also known as a sandwich lease, which is generally defined as: “A lease agreement in which the lessee (tenant) becomes a lessor (landlord) by subleasing the property under lease to a sublessee (tenant) who takes possession of the property.” Under a typical sublease-option arrangement, an investor signs a lease-option agreement with a property owner and then subleases the property to a third party, known as a tenant-buyer, by using a sublease-option agreement. It is sort of the real estate equivalent of a threesome, in which the following three parties are involved in two separate lease-option transactions:

1. Lessor-optionor: The owner of the property being lease-optioned.2. Lessee-optionee: The party leasing the property from the owner with an option to buy.3. Tenant-buyer: The party subleasing the property from the lessee-optionee with an option to buy.

The problem with this scenario is that 99 percent of all investors who get involved in a sublease-option transaction do not know diddly squat about being a residential landlord. As a result, whenever they have any type of problem with a tenant-buyer, they are clueless about the correct way to solve it. For example, I recently received an e-mail from a lessee-optionee in Atlanta, Georgia, who wanted to know how to go about evicting a tenant-buyer in Georgia. I told her to log on to the state of Georgia web site and look up the residential tenant and landlord act online.

The point that I am making here is that this person had never even bothered to take the time to acquire the most basic knowledge about being a residential landlord in Georgia, even though residential rental housing is one of the most highly regulated businesses in America. In most cases, this ignorance of basic property management fundamentals turns out to be a recipe for financial disaster.

Article by Angel

According to the report, recently, Google set up a million fund for California, Colorado and will be more than 3000 households in the Arizona house device solar power equipment.

Fund by solar energy CleanPowerFinance business institutions (CPF) shall be responsible for supervision, mainly used to promote residential roof solar energy system engineering. If people are willing to use solar power generation equipment but can’t afford the high temporarily upfront costs, they can apply for the fund to lease agreement in the form of purchase.

This is the second time Google set up solar special fund, before it had invested 0 million residential solar energy development, this project will gradually in Washington, 11 states popularity.

Because the government encourage residents use solar energy, Google company through investment solar this clean energy reduction a lot of tax.

When jack ma vowed to let LiYanHong can not sleep, he is prepared, because he made another web site needs more consumer attention, that is the first so-called home price-comparison site clean nets. By jack ma claims to let baidu can not sleep of clean nets really so bad? As a new thing, clean the future? How net He really

Related company stock movements

Alibaba 7.2600.0100.138 % surges baidu?

Challenge baidu ascribed to?

To clean the net, was born from alibaba taobao spin-off, will clean out treasure to search business, advertising, wireless mergers became clean company, and clean for the core, clean nets to want to do a consumption entrance and facing to their marketing service the two things. As a consumer entrance, the user will also first taobao way.

In the clean, the most obvious position online to, catering, entertainment, food shopping online, beauty care, travel and hotels and so on, these information also reveal a tao network is a shopping sites, through the keyword search, let consumer in its web site trying to find good quality and low price of goods, which in many ??? stand growing today, such a website of the birth of the consumers seem to is a good thing. However, a shopping for the subject matter shopping website search platform to shake the domestic search portal boss baidu is really incredible.

Internet experts bin wang (pen name in the heart of the rock) to accept the securities daily reporter interviews that, Mr Ma has always been good at through the language of the senators to team up, and, as a shopping parity search want to search penetration, and not traditional so simple. How much more will now face a search of the threshold and barriers, especially domestic search technology talent basic focus on baidu, Google, search three, the scarcity of talent may be clean nets facing the main issues.

“A cat nets to baidu’s largest threat in the shopping is in its professional, but this is also the same is restricted clean nets obstacle to the development of a cat nets could hardly. The status of baidu, this is predictable.” Wang bin said.

Internet experts LiuXingLiang accept the securities daily reporter interviews that, clean nets is do the professional shopping vertical search, and baidu is not shopping this do vertical search, so, Mr Ma said let LiYanHong sleep causes and depends on this.

In addition, the personage inside course of study to reporters, clean nets can challenge baidu, let LiYanHong to sleep it is nothing but an outflow of advertising. Because a tao nets at present do is free, and cooperation is baidu charging system.

Future development prospect broad

As is known to all, in the rapid development of the Internet today, e-commerce sites have mushroomed of developed. According to CNZZ statistics show that in the first half of 2011, e-commerce sites, for a total of 2.32 in January, compared to a 21.38% increase. In June only visit e-commerce site Internet users totaled 376 million, compared to a 6.89% increase in January.

Article by Peter Pensten

Every person dislikes moving, particularly if you’ve enjoyed in ones current property for quite a few decades. Not a soul becomes aware of the amount they’ve built up during the particular decades. Unless you’re one particular sorted anomalies connected with mankind, you’re dealing with that problem as the rest of us. An individual expect your current brand-new residential, nonetheless you realize from past experiences the fact it’ll end up being an stressful problem.

Everyone’s invested prolonged hours, into the wee nights, packaging and also sorting and also labeling just about all our own fixtures, knickknacks, apparel my dear, how a checklist continues. Because moving day becomes short, you will wonder how you are going to possibly accomplish it. As you consider the relocating pickup truck rental, your current primary headache is the best way all that stuff within the truck without utilizing a crowbar, in addition to having every thing come along without trouble.

You think moving vehicle leases tend to be essentially all the same, which can be real, to some measure. It’s the small print and also the actual honesty with the relocating vehicle leasing business which could make the difference between a satisfied journey in addition to a frustrating pain. Allow me to share several tips to direct one to an effective, annoyance-free relocating pick up truck rental.

Moving pick up truck leasing contracts at all times involve that you’re a minimum of Twenty five years old, pertaining to insurance policies needs. If you’re underneath Twenty-five, make sure you can easily arrange somebody up that will certainly manuver the pickup truck. Further, you must have a key bank card along with ample money available for the actual down payment along with premiums pertaining to the number of days you’ll possess the pickup. A debit card wouldn’t work. Make sure to inquire when the leasing day finishes: is it Round the clock as soon as you mark the actual leasing agreement, or perhaps a specified time? You don’t want to get there an hour past due as well as be billed for another day.

You will be requested in the event that your insurance coverage covers relocating pick up truck leases. If you do not find out, phone your own insurance cover adviser to find out before you go lease the pick up truck. In any other case, the relocating truck agent will certainly provide a short term protection plan to pay for your own relocation. This will likely enhance your price tag, but if you were to have an accident without protection, it is undoubtedly spoil your own night.

Ask with regards to road services in the matter of a dysfunction or even breakdown of the cooling. Will they send somebody out to revive it? How can they deal with this sort of mishaps?

Usually, relocating pickup truck leases don’t contain comforters in order to shield ones fixtures. Covers are leased separately, for the small bill. This kind of extra may be worth the cash. Count the comforters when you leave the company.

Make sure you fill the actual gas tank before you give it back. Normally, the particular company will probably load it – usually with a higher per gallon cost than you can find your self.

At this time, all that is definitely remaining should be to load the pickup, drive along with and then un-load. That’s quite sufficient, no?

Article by Michel Lautensack

A residential property manager can help is so many ways to maximize your real estate investment including what rent to charge, how to avoid law suits, what repairs need to be done to get the highest rent and how to get repairs done for much cheaper than most real estate investors. This article will lay out many of the benefits of hiring a good residential property manager.

Understanding the business of residential property management involves much more than investors tend to initially comprehend. For example, while the selected home may be a great financial investment for the Owner, it can also be a financial nightmare without the proper knowledge base to adequately manage the asset. Property managers have the best interest of the Owner’s in mind, enabling an owner to maximize their investment while minimizing their risk.

Residential property management carries great personal risk. Many law suits filed by tenants are from preventable issues that an experienced property manager is more inclined to be able to mitigate. Laws and regulations involved with residential properties exist on the local, state and federal level. Without knowing the facts and having the experience the real estate investor is in a weak position. A professional property manager will have current information on laws and regulations to ensure the property is in compliance.

Managing the tenant can be far more consuming than a property Owner can imagine. When searching for a client and selecting one that appears adequate, an inexperienced Owner will not have the skills to identify potential issues with a tenant. How to know if a tenant is good or bad is more than simply looking at the application. Adequately interviewing the tenant and knowing key information is a core competency the property manager can provide.

A good residential property manager will know when the proposed tenant may not be telling the “whole” story and how to verify facts on the lease application. This can include vague application items such as an excessive amount of short term rentals in the same area which indicates broken lease agreements, an employment history with unexplained breaks in employment or an unreasonable amount of difficulty in providing the deposit monies.

Residential property management will more than pay themselves for real estate investors. Owning property is much more than a financial investment and requires significant professional management in order to be assured the investment is maximized with a minimum amount of risk.