There are a number of legal issues which affect both you and the Owner. These went into effect when you signed your Lease. Your Lease is a legally binding contract between one or more tenants and the Owner. The Agent or Property Manager for Koenig and Sons, LLC is authorized to sign the lease on behalf of the Owner, but is not a party to the contract. The main parts of the Lease are:
- The start and end dates of your lease
- The amount of rent you must pay
- The names of the Tenant and Owner
- The address of the Property you occupy
- Disclosures to you about the Property
- Rules and Covenants of your tenancy
The Lease offers you protections that are to your benefit.
- Your rent may not be raised during the term of your lease, even if other units around you have experienced rent raises.
- You cannot be removed by the Owner without cause, the terms for which are spelled out in the Lease.
- You are protected from allegations of property damage or inadequate maintenance of the property, except for what is in excess of that shown on the Move-in Inspection Report, a part of your lease
Breaking or Altering a Lease
Neither the tenant nor the Owner can break a lease unless by mutual consent. For example, a tenant cannot leave early, unless the landlord agrees. Names on the Lease cannot be changed except by mutual consent. When one party wishes to alter a Lease, there is often a practical solution. For example, if one or more tenants wish to leave early, this may be possible if suitable replacement tenants have been found. The Owner usually charges an administration fee to cover the cost of altering the terms of a tenancy and Lease.
Rent
One of the core issues of the Lease is money! The Lease stipulates the amount of your rent and that it is due on the 1st of every month. If you mail your payment you should do it in the last week of the month so it arrives on time. When a tenant pays late, the Owner can take swift legal action against one or all tenants (and any guarantor if applicable).
Condition
The second most important issue is the condition of a property. Owners can take action if the condition of the property is not maintained. It is the responsibility of tenants to cover the cost of routine cleaning, minor repairs and missing or broken items. The Property Manager is the final arbitrator of the maintenance and condition of a property.