Signing a lease is a typical part of the process of renting either a residential or commercial property in the Chicago area. While a lease agreement does offer certain protections, there are some things to consider when putting together such an agreement. If a lease agreement is not properly drawn up, you may still face a substantial financial burden. Conversely, the renter may incur similar losses.
Why It Is Important to Have an Agreement
A agreement regarding the lease of a commercial or private property in the Chicago area provides terms spelling out the relationship between the parties involved with the property. Generally, a lease establishes expectations between the property owner and the tenant. Common factors covered in such an agreement include:
- Amount of the rent and when it is due
- Who is responsible for repairs and maintenance
- What the renter can and cannot do with the property
- Whether or not the security deposit will be returned
- Whether or not there is a penalty for early termination of the agreement
- What constitutes violation of the agreement
Why a Chicago Attorney Can Be a Valuable Asset
Some owners may not have the time to properly draft a lease that includes everything relevant to the specific property being leased. This is where a qualified Chicago attorney with experience in lease and rental agreements can be a valuable asset. An experienced attorney can draft an agreement specific to the property being leased, as opposed to trying to make a generic agreement fit the situation. To be perfectly honest, most property owners lease a property to make money. At the same time, both the property owner and the tenant need to have certain protections. A properly drafted lease can eliminate common hassles such as:
- What to do in a maintenance emergency
- Who to call when there is a problem
- Who is responsible for any existing issues with the property
How a Chicago Attorney Can Protect Both the Renter and Property Owner
A rental property can be a great source of much-needed extra income. However, a property can also be a big financial drain if a lease does not offer certain protections. When you buy a home, for example, you are responsible for all repairs and everything involved with the property. When you rent a property, the landlord is responsible for most common repairs. A clearly drafted lease spells out these responsibilities. This serves as protection for both the renter and the property owner. You can also designate a certain party to call in the event of an emergency to avoid late night calls and other distractions.
A Chicago attorney can represent either the renter or the property owner in the case of a dispute. Having a properly drafted agreement in the first place can avoid common hassles and expenses. If, for example, the lease states a business renting the property is responsible for minor maintenance issues, they cannot subtract the cost of replacing light bulbs from the monthly rent. On the other hand, if the lease states that the property owner is responsible for any maintenance issues with the property, such a deduction from the monthly rent may be justified. Ultimately, it helps to start with a well-drafted agreement. A Chicago attorney experienced in lease and rental agreements can help you put together a lease that is beneficial for all parties.