When renting a property or renting out your property, often, there can be many different problems which can arise, whether that being a landlord/tenant dispute, a breach of contract, failure of payment for promissory notes or even overcharging. There is a lot that can go wrong if certain measures are not taken, and it can end up costing a lot of money and time. (Related: New York real estate lawyer, real┬áestate lawyer NYC,┬álandlord-tenant┬álaw NYC)
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Sign the Contract
Once you have found a property or tenant for your property, it is very important to agree to the terms. But not just verbally, it is imperative to have a signed agreement, so both the landlord and tenant know exactly what the agreement is between them. This should cover all uncertainties and remove any doubt about any concerns.
Understand the Commitment
Being in a contractual agreement for the renting of property means you have to know exactly what your responsibilities and commitments are, and that you can fulfill them for the agreed period of time.
Know Who You Are Dealing with
Some tenants or landlords may not always be true to their word, and it is always advised to find out a little bit about whoever it is you are dealing with. Often, with landlords, you can find reviews, and for the tenants, it is within the law to be able to check credit history and to see if they are credible to their word.
Get Legal Advice
It is always advised to seek legal advice whenever signing a contractual agreement. Sometimes, small clauses can be added to contracts and can be confusing. By having legal advice by your side, it can prevent all potential problems that you may not have noticed.