Posts Tagged ‘landlord’

A large population of part of the world’s population lives in a rented accommodation. There are many advantages of renting a house. Renting or buying a house depends greatly on one’s financial situation. Since buying a house has become very expensive these days, especially in the metropolitan cities, thus people prefer living in rented accommodation. If you are good at saving money then the best idea is to live in a rented accommodation and save money in order to purchase a house in future.

The initial capital investment required for renting a house is very less as compared to buying a house. Unlike buying a house, renting a house does not burn a huge hole in your pocket. Rent prices vary a lot even within the cities. Some of the main factors on which the rent prices depend are location, price, size, amenities etc. Usually the rent prices are flexible.

People opt for renting a house as compared to buying a house as it involves fewer responsibilities as compared to owing a house. For example you need not put money aside for upkeep or maintenance of your home. This becomes landlord’s responsibility and not yours. The lease for rent is usually short term. You can vacate the house any time you want and you can move to a more suitable location. Since you do not own a property, you will save a considerable amount of money in insurance apart from saving the money in taxes.

If you are doing a transferable job then living in rented accommodation is more preferred for you. It becomes much easier for the renter to relocate as compared to a home owner selling a home or moving to a rented accommodation. You need to sign a lease in order to protect your security deposit. This deposit is used to cover up the damages or penalties.

If possible then you should try to acquire insurance policy against protection of theft, fire, flood etc. You need to study the terms and conditions of the rent agreement in detail so that you do not fall a victim of fraud or misunderstanding.

Also make sure that the agreement or contract you are entering into is valid and legalized by the law. Just follow these simple tips while renting an agreement and you will never go wrong when you rent a house.

When you go for renting a house do pay attention to the terms and conditions that are involved in rent agreements or contracts. If you are looking for some quality Real Estate Contract then you must visit us at http://www.simplerealestatecontract.com.

Author: Anzer Khan
Article Source: EzineArticles.com
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Renting commercial property can be a complicated business. It is not unusual for commercial agreements and leases to have in excess of 50 pages of detailed conditions that will impact on you financially. In addition to this, new legislation might have come into force that you are unaware of – complicating things further by imposing more requirements on you that aren’t actually written into the lease. Listed here are 12 things you should understand before you rent commercial property.

1. If my place is unusable due to fire damage, I can stop paying the rent and look for somewhere else.

If your business premises are destroyed or seriously damaged, you will have all the problems of finding alternative premises from which to trade. But what about the old premises? The law says that the lease continues and you must carry on paying the rent until the end of the lease.

2. I do not need to worry about insuring the property – that is the landlord’s problem.

The lease will deal with who is responsible for the insurance, including what is covered by the policy. What is covered by the policy requires careful consideration and in certain instances you may need to take out your own cover as well. It is vital that you ensure that all eventualities are covered.

3. If I am renting commercial premises, there is no need to carry out searches against the property.

Landlords offer no guarantee as to whether the premises will be suitable for your requirements. It is important that you make all relevant searches and enquiries in relation to the premises prior to the commencement of the lease. Once you have signed up to the lease you will be liable for the rent. Consequently you simply cannot stop paying rent if something arises that affects the suitability of the premises for your business. Searches can reveal issues such as:

- That your Local Authority are going to create a pedestrian zone on your street

- That the land may be common land or registered as a village or town green. This will prevent any planned development or construction taking place.

- The planning history relating to the premises. Many tenants assume that planning permission is the landlord’s problem, however breaches of planning control can be enforced for up to 10 years after the breach occurred. It is important to check that all planning permissions have been complied with.

- If the property carries an obligation to contribute to the cost of repairing the chancel of the local parish church. This will almost certainly be responsibility of the tenant.

4. I am renting property to use as a workshop. The lease allows me to use the premises for any purpose – I assume this is advantageous to me.

This is not always the case. The use to which the premises can be put may have the effect of increasing the amount of rent payable when the landlord comes to review the rent in the future. The broader the use to which the premises can be put, the more valuable the premises.

5. I am renting premises for use as a butcher’s shop. The lease permits this use but no other. I assume this is not a problem for me.

Whilst it is fine for your business purposes, the restriction may cause problems in the future. For example, if your business is not a success and you need to transfer the lease, then any person to whom you assign the lease would also have to use it as a butcher’s shop. Consequently it may prove difficult to find a suitable tenant.

6. I am not registered for VAT and the landlord has insisted on adding VAT to the rent I agreed.

Whether the landlord can do this will depend on the exact terms of the lease. However this matter should be clarified when the lease is initially negotiated.

7. My lease gives me a right to park 5 cars in designated parts of the communal car park. The new landlord claims they are not bound by these rights and has reduced the number of spaces allocated to me.

Unfortunately seemingly simple matters like car parking are very complicated from a legal perspective and are often not properly dealt with by the landlord in the lease. Subsequently, the new landlord might not be tied by these conditions.

8. My landlord has stated that there will be car parking at the premises.

Not necessarily. The lease will need to be checked to establish whether or not there is an allocated parking space or spaces or whether there is only a right to park on a ‘first come first served basis’ in a communal car park.

9. I plan to rent the premises through a limited company. If this company becomes insolvent, I can walk away from the property and the lease.

Not necessarily. It is likely that the landlord will try to obtain personal guarantees from the directors of the company. Careful consideration should be given to the terms of any personal guarantees provided. For example, the tenant should aim to include a term enabling any guarantee to be released on assignment.

10. The success of my business will not affect the rent which I have to pay.

It might! It all depends upon the terms of the lease. The landlord’s ability to change or ‘review’ the rent is a very important part of the lease. It requires careful consideration when the lease is being drafted.

11. I do not need to be concerned about Asbestos Regulations.

Under the Control of Asbestos Regulations all commercial premises must have a report detailing the presence of asbestos at the premises. This report must be updated at least annually. As a tenant, the lease may force you to fulfil these requirements, which can be expensive. It is vital that this is discussed when the lease is being negotiated, and before it is signed so that the tenant will not be liable for compliance with Control of Asbestos Regulations.

12. I do not have to worry about Fire Regulations.

Under the Regulatory Reform (Fire Safety) Order specific rules for the preparation and updating of a risk assessment and fire precautions will attach to both the landlord and the tenant., It is essential that both parties liaise to ensure they not only know and apply the Regulations correctly but dovetail their activities to prevent loss or damage occurring, A criminal prosecution is likely to follow any failure to comply as these rules are for the protection of your employees and the general public. An experienced commercial property solicitor can advise you on the appropriate searches and enquiries that should be made relating to the premises.

When entering into a commercial lease, make sure that you instruct a solicitor experienced in dealing with commercial leases who can interpret and negotiate the terms for you before agreeing a lease. Ideally this should be prior to the communication of the Heads of Terms which record your agreement with the landlord. Failure to do so can prove expensive

Tim Bishop is senior partner at Bonallack and Bishop ( http://www.bishopslaw.co.uk ), a firm of Andover Property Solicitors highly experienced in advising both commercial tenants and landlords. He is responsible for all major strategic decisions and has grown the business by 1000% in the last 12 years. Tim sees himself as a businessman who owns a law firm.

Author: Tim Bishop
Article Source: EzineArticles.com
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The rise in the buy-to-let residential investment market in recent years has been accompanied by the appearance of the so called ‘property investment guru’. These ‘gurus’ spend all their time instructing property investors how they too can make millions out of investing in residential property.

As an experienced residential property investor I am instantly suspicious of anybody that appears to want to tell you how they made a million and how you can do it too. The question is always why if you have found such a brilliant way of making money would you want to share the secret with a whole load of potential investment competitors?

What’s in it for me?

The answer is normally that these property investment gurus are trying to sell landlords something and make money in the process. Most property gurus have traditionally tried to sell residential investment property for which they will receive a commission from the seller or the property development company.

Some of these property gurus are currently trying to ‘flog’ investment properties to UK investors sourced from the United States.

The ‘property investment guru’ markets the attraction of these residential investment properties to landlords as being property investments that have:

* An unbelievably low price.

* A headline rental yield in double figures.

* A potential of uplift in the capital values that might occur as the area improves.

UK & US property ‘chalk & cheese’

On paper these residential investment opportunities may seem appealing. However, anybody that knows anything about the US and the UK residential investment property markets and planning systems will know that they are very different property markets.

What anybody may say about the UK property market is that it has one thing in it’s’ favour. As Mark Twain famously advised “Buy land they are not making it anymore”. He clearly had the UK in mind when making this comment. It is obvious to any UK resident and landlord that we live on a very crowded isle where land supply is restricted. This is particularly true of development land, which is constrained by a restrictive planning system and the Green Belt. These facts means that development land and therefore property will always be relatively expensive particularly when demand for accommodation from owners, renters and investors driven by high levels of immigration is so high.

In the United States the land market and planning system is very different.

* They have much, much, more of it.

* They don’t have a green belt or a planning system that is so restrictive, their system relies on zoning and then releasing big chunks of development land on the fringes of towns and cities.

* Land can be very cheap.

This means that U.S. towns and inner cities have suffered from inner city dereliction and decay far more than in the UK. The middle class residents of a town moving to a new suburb leaving great sways of the old town and city to the working poor or crack dealers. Property in these locations may be ridiculously cheap but don’t expect an urban regeneration miracle any time soon.

Property Guru warning
Any landlord looking to follow the advice of a ‘property guru’ needs to stop and think first, what are their motivations?

Property investors should make sure not to get caught up by a guru’s flash car, confidence, swagger, promises and pictures of a bright and wealthy future.

Instead what property investors should do is:

* Do as much research themselves. Use the Internet to dig around and find out about the gurus proposition and their background. Could it well be that the guru is not quite what they make out they are. Have they been in trouble with the law or their professional body.

* Try and understand why residential investors closer to the proposition aren’t ‘snapping’ up the investment opportunity. For instance if the investment proposition is so strong in the US, the heart of global entrepreneurship then why aren’t all the local landlords and property investors falling over themselves to buy such great property investments.

* Ask the most pertinent question. If these residential investment properties are such great property investments why are they not keeping quiet and buying them all themselves. To which they may reply that; ‘they don’t want to be greedy and that they have enough money already’. In which case you may want to suggest that they refund any commission that they receive for their sales.

After this careful research by a landlord it may well be that the residential investment proposition, and indeed the ‘property investment guru’ is not all they seem to be.

Chris Horne is an experienced landlord and property professional who now runs the website Property Hawk, a site aimed directly at UK Landlords. The site incorporates free property management software that enables landlords to track all their financial data relating to their portfolio. It allows users to print tenancy agreements and other forms FREE FOREVER. The site generates a real time rent book for each property as well as calculating a landlords tax liabilty. The service is totally free to use at propertyhawk.co.uk

Author: Chris Horne
Article Source: EzineArticles.com
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Lease Purchasing is a fascinating concept that allows a prospective tenant the realistic possibility of becoming a home owner, sooner rather than later. I currently work in an office in which the demographic tends to be people in their late 20′s or early 30′s that have recently graduated from College or University. The majority of people I work with rent homes or apartments within the Greater Toronto Area. Over the past couple of months I have started a number of casual conversations with people asking why they choose to rent instead of rent to own or lease purchase a home. I figure why pay a landlord monthly rent that ends up paying his mortgage instead of building equity in a home of your own?

There are a number of obvious reasons why it is not easy, nor practical, for some people to buy a home outright in today’s economic environment. Through my many conversations with my work associates, I constantly hear all the usual reasons that keep people from home ownership. They include: having bad credit, not having enough money for a down payment, they cannot afford the upkeep of owning a home, and many other seemingly legitimate reasons. Having said all that, I never heard anyone say that they had no interest in owning a home. In fact, everyone I talk to say their goal is to either save enough money for a down payment and eventually buy a home or wait a few years and fix their credit so a financial institution will grant them a mortgage. These are all plausible strategies to home ownership. However, what they have in common is that they postpone home ownership for the future and they do not allow for equity building in their dream home right now.

The main problem is that a majority of people think that the only way to own a home is through the traditional method of saving up for a down payment and applying for a mortgage. In the meantime, they are spending thousands of dollars per year in rent and helping someone else pay down their mortgage instead of doing that for themselves. We live in an era where the constant mantra is: “one must think outside of the box”. This quote could not be any truer especially in today’s economic environment where banks are no longer freely lending money to people. Credit scores today must be in the 650 range to be in the ballpark for mortgage financing. As a result, cancelling credit cards is not a real option because it can negatively affect your credit score yet having too many credit cards or a credit line also drops that score because you have too much exposure to debt. In short, the banks are finding reasons not to lend people money. Therefore, less people are being approved for mortgages and as a result they feel forced into renting. As a result, they postpone, if not forget about, their dream of home ownership and getting on the right track to financial stability.

However, why feel pressured to rent and waste your money when you can Lease Purchase, also known as, Rent to Own? The simple explanation of a lease purchase transaction is that a deal is set up with the home owner in which a standard lease is agreed upon. What is different is that the tenant/buyer is afforded the option, for an agreed upon non-refundable option consideration fee, of purchasing the property at any time during the lease term.

One of the many advantages of lease purchasing is that the tenant/buyer gets to live in the home and decide whether he likes the home or the area. It gives the tenant/buyer the time to determine if the home is in good condition or if it needs major repairs. In short, the tenant gets the opportunity to try out the home before exercising the option to buy. Better still, if the property is not what the tenant/buyer wants by the end of the lease period he does not have to purchase the home. There are no penalties, no hard feelings, or added fees. Remember it is an option, not a requirement, to buy.

As terrific as the above described scenario is, from the tenant’s perspective, it can be taken to the next level. A properly structured Lease Purchase contract can get the tenant/buyer even more advantages than a simple lease purchase deal. A well structured lease purchase deal will allow the tenant/buyer the benefit of having his rent money work for him instead of the landlord. This is possible through a proper deal being negotiated with the right wording and clauses in the contract. For example, one can structure a lease purchase deal that will provide the tenant /buyer with as much as 100% rent credit. A deal like this means that all the monthly rent monies can be credited towards the purchase price of the home if the tenant decides to exercise the option to buy. For example, if the monthly rent of $1000.00 is due on the 1st of each month and the tenant pay’s on time every month, a total of $12,000 is credited towards the purchase price of the house at the end of the year. One must remember, had the tenant rented that same home with a traditional tenant landlord agreement then the whole year of rent money would go directly into the landlord’s pocket and the tenant would have nothing to show for it.

Another advantage is that a tenant/buyer is able to get into a home for as little as 2 to 10% of the purchase price of the home. This payment is referred to as a non-refundable option consideration fee, as mentioned previously. This money is given to the landlord as payment for the option to purchase the property. Depending on the structure of the deal, this money may be also credited towards the purchase price of the home. For example, if the deal required 5% option consideration money and the agreed sale price of the home is $100,000 the tenant /buyer would have to provide $5000.00 upon the agreement of the lease purchase contact. In addition, if the deal was structured to include 100% rent and option money credit then the deal would be as follows: (using the numbers above) $12,000 of rent credit would be applied for the one year of on time rent payments. In addition, $5000.00 of option consideration money would also be credited towards the purchase price for a total credit of $17,000 on the purchase price of the home. That is money that is working for the tenant and not the landlord.

There are many reasons why people decide to rent over owning a home. However, if your ultimate goal is to be a home owner, and you are currently renting, why not consider Lease Purchasing?It allows a renter the time to: build equity through monthly rent credits, build up struggling credit scores so that the banks can approve the mortgage at the end of the lease term, and time to test drive the home and neighbourhood before committing to living there long term.

All the benefits of a lease purchase deal described above demonstrate that good tenants really cannot afford to continue renting in the traditional manner. The only solution for tenants that are looking to get ahead and realize their dream of home ownership, sooner rather than later, is to get into a lease purchase deal and begin building their own personal equity and financial futures today!

My name is Sam Giuliano and I am a Lease Purchase Specialist. I am the owner of RTO Home Solutions which is a lease purchase company located in Toronto, Canada. RTO Home Solutions looks to help home owners find that dream tenant and tenants find their dream home. Lease Purchasing is the answer to plenty of issues that currently exist in the real estate market today. We understand that credit markets are tight in today’s world and getting a mortgage is not easy. Having said all that, we believe that tight credit markets should not hold anyone back from realizing their dream of home ownership. As for the owner/landlords; it is time that you finally got the great tenant you have always deserved! It really is a WIN-WIN solution for everyone. If you are interested in Lease Purchasing homes or would like to learn more about this real estate tool and do your own private deal, set up your own lucrative business, or coach others please contact me at sam@rtoanswers.com.

Author: Sam Giuliano
Article Source: EzineArticles.com
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Investment properties in Las Vegas are at a premium so it’s important that that you get the most value for your money. Where to invest becomes the big question plus what investment properties in Las Vegas are you after.

There are many types of investments that you can make and you will be impressed with the opportunities there are with investment properties in Las Vegas.

What type of financing you seek will depend on your investment properties. Interest rates and terms will vary based on your personal credit rating and the specific investment properties in Las Vegas you are considering purchasing.

There are many financial institutes in the area that will provide you with any financial needs even unconventional mortgages which offer term flexibility, repayment flexibility, and a host of other options that are better suited to unconventional investment properties in Las Vegas and other areas.

There are many different types of investment properties in Las Vegas. Start by deciding what type of investment it is right for you. Do you want to be a residential or commercial landlord? Do you want to invest in an operational property or a sleeper property? Will you be living in the area so that you can personally monitor your investment properties in Las Vegas?

There are several reasons to invest in investment properties in Las Vegas. Of course the main objective is generally to make money. But some investment properties in Las Vegas are purchased initially as a write off or as part of a conglomerate to help create write offs for the corporate body which own other investment properties in Las Vegas and the purpose is to make a profit in the future upon reselling.

And with the rapidly increasing values on investment properties in Las Vegas there are many newcomers to this market looking to hold for a short period of time and make a tidy profit with their only investment being time and patience.

Casino investments including investment properties in Las Vegas are a great way to earn instant profits. Of course if you aren’t familiar with a casino’s day to day operations you are going to be very dependent on the existing staff so make sure things are running smooth there.

Your investment properties in Las Vegas are going to make you a tidy profit no matter which method you choose. After Vegas has a reputation for making money.

Joel Teo writes on various financial topics including Investment Properties in Las Vegas. Learn more about Investment Properties in Las Vegas in our Real Estate Investment Resource Site today.

Copyright 2007 Joel Teo. All rights reserved. (You may publish this article in its entirety with the following author’s information with live links only.)

Author: Joel Teo
Article Source: EzineArticles.com
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Are you somewhat confused by all the terms that real estate agents throw around like nothing?

Well don’t worry, I can assure you that you are in good company.

Lets get a few of the basics out of the way and then we can move on to some of the specifics.

One of the first things you have to understand is that there are several components to the overall rental rate that you ultimately end up paying. There is the rent that you pay the Landlord for the use of their space, but also as a commercial Tenant you will also pay for the following items; the maintenance of the overall building, the property taxes, building insurance and management of the property. (I know, I know, it doesn’t seem fair to be paying for the management and maintenance of someone else’s property, but that’s the real world, so get used to it!)

There are basically two types of rents that you will be quoted when searching for commercial space.

They are Gross rents and Net rents. They are two separate ends of the spectrum of what is included in the rent. Gross rent is an all in rent. A true Gross rent includes all of the above mentioned expenses (Property taxes, insurance, maintenance, management, utilities etc. etc.) and any other expense that might be particular to a specific property.

Net rent is a type of rent that includes nothing extra. Net rent is simply the amount that you are paying the Landlord for the right to use their space for a specified period of time. In a single tenanted property the Tenant simply pays for all additional expenses themselves. In multi tenanted properties such as office buildings or multi tenant retail malls the Net rent is commonly accompanied by Additional rent (Also called CAM/Tax which stands for Common Area and Maintenance plus Property Taxes).

The Additional rent covers the expenses mentioned above. The Additional rent is usually an estimated amount based on the previous years operating expenses. The total expenses for the property are added up and then divided by the rentable square footage of the building. The expenses are then allocated to each tenant proportionally to the amount of space that they have of the building. So if a building has 10,000 Sq Ft of rentable space, and a tenant has 1,000 Sq Ft retail store, then they would pay 10% of the total expenses. The Additional rent is quoted on a per Sq Ft basis as well.

In different parts of the country the rents may be quoted differently. In Winnipeg the rents quoted are usually quoted as a price per square foot per year. In other parts of the country they may be quoted as price per square foot per month. When in doubt, ask.

About the Author:

Harry Logan is a Commercial Realtor with RE/MAX executives realty in Winnipeg, Manitoba, Canada. Harry represents Buyer’s & Seller’s and Landlord’s & Tenant’s in all aspects of Commercial Real Estate including the Leasing and Sales of Retail Shopping Centers, Apartment Blocks, Investment & Income Producing Property, Industrial & Warehouse Space, Office Leasing and the Sale of Businesses.

He can be reached at 204-667-SOLD (7653) or through his website at http://www.WinnipegCommercial.com

This is not intended to be Legal or Tax advice. Please discuss these ideas with a competent advisor.

Author: Harry Logan
Article Source: EzineArticles.com
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