These papers might be overwhelming at first but getting to understand them entirely is a must if you want to protect your rights and expenses. Before moving in any rental properties, it would be best to both landlords and tenants to sign in some legal papers. The following article will explain to you the definition, the terms, and the procedures and what to pay attention.
Besides the lease contract, there are several kinds of paper that need serious attention, including deposit receipt, rent receipt, Inventory list move in/out, Termination of lease contract and Extension of the lease contract.
However, the landlords are not the only one can benefit from this because commonly, in a deposit receipt that is accepted mainly within the housing market, it is noted that if one of two parties violates or terminates the lease contract unilaterally, He/She should compensate the other party amount of money equal to the deposit. In the deposit receipt, The Lessor and The Lessee’s information and the amount of deposit have to be clearly stated. The security deposit should be equivalent to one-month rent of the property.
It is not uncommon that expats aren’t satisfied with the property that they rented and want to end the lease contract early. If this is the case, before verbally say anything to the landlords, you should prepare these two papers of Early lease termination letter and termination of the lease contract.
An early lease termination letter is just a written announcement of the lessee to the lessor about their early leaving. Lessor is expected to announce this one to two months ahead (this is up to the agreement of the two parties) if he/she wants to receive their security deposit of before.
To draft out a lease contract is no easy work, and with our many years of experience and legal knowledge, Alphahousing agents will help you with this.