SECURITY IN WRITING
Did you know that a precisely written Lease Agreement is paramount for a successful tenancy?
When we lease our property we hope the process and length of tenancy goes smoothly without having to deal with any conflicts. A well-written lease agreement provides that initial protective blanket where all the cards are laid flat on the table, no secrets, for all parties to see and agree to the document at hand. To minimize the likelihood of any conflict occurring it is vital that this document clearly states the responsibilities of both the tenant/s and landlord, their obligations to each other, the terms and conditions for both parties, rules and policies of the tenancy, and all conflict resolution procedures.
Now let’s explore the benefits and potential downfalls of creating a lease agreement by yourself! Have you done this before?
Finding a template online, whether simple or sophisticated, is easily accessible. Just click a few buttons and “Voila!” – ample of choices appear before your eyes ready to be amended to meet your needs. Plus as a bonus, you can find these templates for free! Just download and then the world is your oyster! What could be better than not having to spend any money on hiring a professional to complete this for you, not having any monetary costs, and be able to complete a lease agreement in minutes?
BUT WAIT… COULD IT ACTUALLY BE THAT EASY?
It would be amazing to say “Yes!”, however, creating a lease agreement independently can lead to some downfalls. Here are a few we have identified:
Lack of enforceability – There will always be a risk of the lease agreement not being legally binding and enforceable in the courts jurisdiction and deemed invalid if it does not adhere to the requirements of local regulations/legislations.
Unclear conflict resolution procedures – Certain templates may not include all aspects of a tenancy, hence any conflicts that may arise might not be resolved appropriately. In addition, how could one prove that the person who has tailored the online template is an experienced and certified lawyer?
Outdated tools – Using tools such as MS Word to update a lease agreement can be considered outdated, and it makes it more likely for human error to occur and the process is time-consuming.
Let’s help the planet! Stop using hardcopy agreements – The negotiation of terms and clauses, and signing of a lease agreement can be extremely time-consuming, especially when there are third parties involved, not just the tenant and the landlord. Imagine having to live through this process using a hardcopy of the lease agreement. This can lead to information getting lost throughout the process. Now imagine having to store hardcopies of all the amended agreements throughout the years. This just opens up the likelihood of lease agreements being misplaced or lost and subsequent amendments not noted efficiently.
These are just a few areas we have identified as they could add risk to creating your own lease agreement. However, there are other options, where one might say could make your life just that little bit easier.
LOOK OUTSIDE THE BOX – WHAT CHOICES DO YOU SEE?
Outsourcing the task to a lawyer – This option may not be cost-efficient, especially when it comes to more elaborate lease agreements, however it definitely is more secure. Hiring a specialized lawyer, who would treat each case individually and is knowledgeable of particular jurisdictions would support the creation of an enforceable lease agreement.
Learning the Basics – There is an array of courses available on contract law that would offer a better understanding and knowledge of how to draft a contract yourself, however these courses cannot guarantee they would cover all the terms and clauses you would need to include in your agreements. This path can be time-consuming and expensive and would not appeal to most people who lead a busy life.
Using TenEnt – A digital platform aimed to offer comfort and simplicity, save you time and money during the leasing process. Landlords can create and sign enforceable lease agreements tailored to their needs, using a simple “type-in, approve and sign” procedure, all legally approved by experts, applicable to the landlord’s courts and jurisdiction.
What do you say then? Do you still want to complete a lease agreement on your own?
Trust in TenEnt to make this process simple and efficient. If you are interested in using TenEnt, please go to our website on www.tenent.eu and sign up to our waiting list!