Having a lease agreement in today’s world is considered a must because it pinpoints the duties and rights of the landlord and its tenant. This legal document is full of useful information, like how long the tenant is permitted to stay at the certain property, the amount of money they are obligated to give for the rent, etc.
Since it is a legally binding agreement, it’s of huge importance for every tenant to carefully go through it to get a grasp of all their obligations and what it generally encompasses. Even though there are no strict rules in terms of its length and content, there are certain clauses that shouldn’t be left out.
If you would like to know which ones are most essential, then just pay attention to the ones that are about to be enumerated.
The Benefits Of Merger Clause
So what can be said about it? Namely, a merger clause can be defined as a provision that can commonly be seen in various agreements. It showcases that the written agreement, is, in fact, the complete contract between two parties (concerning a particular transaction) and that every other contract between them is replaced by the written agreement.
This is generally an extremely beneficial and efficient clause because it is capable of replacing and negating any previous contracts that were made between parties, in regard to the transaction that’s covered by the agreement.
In other words, this clause shows that a specific contract between two parties is complete. Any provision that was made prior to the agreement must be put in this clause if it wants to become part of the agreement.
Moving On To The Occupancy Details & Conditions
Only individuals who are in your lease contract are obligated to pay the rent and to adhere to different rules and regulations. That’s precisely why it’s pivotal for every adult person who resides in the household to be listed, which refers to the roommates, partners, etc.
In this section, it needs to be accentuated that only listed tenants (along with their kids) are allowed to live in the house they are renting and that they aren’t allowed to lease your home to anybody else.
By adding this clause to your lease agreement, you are protecting yourself from any potential unauthorized use.
Period Of Tenancy
A fixed-term lease agreement is one that shows the amount of time your tenant is going to rent the space. It can be anywhere from a couple of months to years, etc. As soon as the lease expires, a new agreement must be created that’s going to contain new dates, along with other relevant information.
Those who decide to develop a month-to-month contract should know that it enables tenants to rent the household each month, without setting the end date. This means that your tenant can stay at the property for a few months, or maybe a couple of years as well.
Conclusion
Having a lease agreement is definitely pivotal because it ensures that both parties are safeguarded in case of some type of misunderstanding or dispute. The clauses that were mentioned today must undoubtedly be part of every contract of this kind.
