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Leasing & Selling Property

Leasing & Selling Property

Owning a property is very expensive and entails a cumbersome process that might waste your time. If you want to commence your commercial venture quickly, it is advisable to lease a property. However, some people are only interested in owning the property before starting any development. Whichever approach you use, it is important to understand the procedures that are applicable so that you avoid being conned. This article is devoted to offering landlords and tenants important information they must consider before leasing or selling their properties.

a) Background information

As a prospective tenant, it is advisable to thoroughly search and important information about the property in question and its ownership. This will help you determine whether the person you want to give money is the real owner of the property. The landlord also needs to verify whether the person who wants to lease the property is genuine or they have hidden motives. It is also advisable for the prospective tenant to request a copy of the lease so that they go through and acquaint themselves of their obligations if they become tenants of the property.

b) Items includes in the lease

As a prospective tenant, you need to evaluate how important services are handled. For example you need to look at who will pay the electricity, and water bills. You need to evaluate whether these bills are paid as part of rent or you pay for yourself. If they are paid as part of rent, what happens when you consume extra services?

c) Repair and renovation of a leased property

The lease agreement must state clearly who should carry out repair work and renovations. If for example, it is the tenant, the lease should state how the tenant will get back the money used for repair. On the other hand, if you are selling the property, improve it by painting it, replacing broken windows and even the roof. This will make the property more valuable.

d) Genuine title

It is important for a prospective property purchaser to ensure that the seller has a genuine title. It is advisable to visit relevant government agencies to verify the authenticity of the title and its current status.