Many residential real estate buyers have trouble when it comes to writing a Georgia Residential Lease Agreement. This is because many of them do not understand what the contract actually entails and do not know what to include or exclude. For this reason, many buyers end up with bad contracts that contain some glaring issues that can put a great deal of strain on the lives of both parties involved.
One of the most common problems is that most people tend to leave out one critical part of a lease in the contract. They do not take into consideration the fact that the tenant is going to have to pay the deposit when signing the contract. They may assume that they can save money by only paying the first and last month’s rent and doing nothing else.
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This assumes that they will only make the final payment at the end of the lease term. They should note in the contract that they will need to pay the entire amount before they have any legal rights to renew their leases. This would be considered a pre-settlement payment which could set off a serious lawsuit if the tenant is unable to pay the rest of the amount.
There are many other parts of the lease agreement that should be taken into account as well. In addition to the initial and final payments being due, the tenant is going to have to make sure that they pay all the other charges that have been agreed upon in the original lease agreement. Some of these include cleaning services, repair services, utilities, taxes, and security deposits. These all are important parts of the lease and they should all be included.
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The sample lease also provides for an escrow account in the case of property tax liens. This should be mentioned in the contract for prospective homebuyers to be aware of, since there may be some concerns about their ability to pay if they are unable to pay the balance of the tax bill.
When you are drafting a residential lease agreement, remember that the best way to make sure that the transaction goes smoothly is to make sure that everything is included in the contract. If there are any provisions that you feel are not needed, they should be left out. Any provisions that are necessary should be spelled out in the contract and explained clearly to the tenant.
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In addition to the sample lease, it is important for a buyer to get a lawyer to read over the document thoroughly and make sure that all of the provisions in the contract are correct. A real estate lawyer will know about the state and local laws and regulations governing this type of transaction.
They will make sure that everything is written in a way so that it makes sense and make sure that there are no loopholes in the contract that might cause problems down the road. They will also make sure that there are no hidden fees or penalties that may be triggered if things do not work out as planned.
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After you get the lawyer to review the document, make sure that you go back and add your own comments or additions to the agreement. Make sure that you understand what it means and what the contract is saying. You might want to consider adding a few stipulations to the contract to make it more binding.
The key to drafting a good residential lease agreement is to get it all together in a format that is easy to read and understand. You need to keep it short and sweet but to the point and include all of the important details in the contract so that the tenant will know what to do next.
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Be sure to check with a lawyer to make sure that you have all the provisions in the contract in order. This way you have a clear understanding of what is being provided to the prospective homeowner when they sign the agreement.
The best thing to do is just sit down with the sample Georgia Residential Lease Agreement and start to fill out all of the documents yourself. It really is that simple! Don’t worry about spending money and leave it all to the lawyers.