When a Buyer wants to rent out his former house, what are some of the pitfalls of using a Form Residential Lease?
Over the years, the Landlord-Tenant Code (hereinafter “the Code”) has endured dramatic changes which create many pitfalls for the unwary landlord. Many landlords are still using preprinted form leases – but most of these forms do not comply with the most recent revisions of the Code. It may be thought that using a form lease avoids legal fees and saves the landlord’s money. But that is not always the case. Later court imposed liability can cost the landlord a lot more than the cost to have an attorney review and/or redraft the lease. Failure to comply with certain provisions of the Code can result in a landlord being liable for up to three (3) times the amount of the agreed rent. In addition, form leases may not serve the landlord’s best interests. We suggest that each form lease be reviewed carefully before it is used. The form residential lease may contain many clauses which either violate the Code or may not be to the landlord’s advantage.
Related Questions
- What should the real estate escrow person do if the buyer wants a copy of Form 593-C or Form 593, but the seller doesn’t want the buyer to have his or her ITIN?
- When a Buyer wants to rent out his former house, what are some of the pitfalls of using a Form Residential Lease?
- I just bought a house. May I cancel my lease without any problem by paying 3 months rent ?
