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The Term Provision of a Lease Agreement

Whether you are a tenant or a landlord, drafting a lease agreement is an important part of the renting process. To be successful and to avoid future headaches, you need to understand the Term Provision of a lease agreement and how to draft a lease agreement that is fair to both sides.

Understanding The Term Provision of a Lease Agreement

First, you need to decide whether the lease will be at will, month-to-month, or for a set period of time, like a year.

At Will

An “at will” lease means that either the landlord or the tenant can cancel the lease, at any time, without breaching the contract.

To create an at will tenancy, you should put language in a written lease agreement that explicitly states that the lease is “at will” and that “either party may terminate the tenancy at any time.”

Term of Years

A “term of years” tenancy means that the lease will last for a fixed period of time, like 7 months or a year, and then terminate automatically. Under a term of years lease, neither party has to give the other party notice that they don’t plan to renew the lease.

To create a term of years tenancy in a written lease agreement, you should include a statement in the contract that provides that “the tenancy is for a term ending on [a certain date]” and that parties wishing to renew the lease should give proper notice ahead of time.

Periodic

A “periodic tenancy” is the most common type of lease. A periodic tenancy lease continues from year to year or for successive fractions of a year (such as weekly or monthly) until it is terminated by proper notice by either party. The key to a periodic tenancy lease, is that the termination date is always uncertain, which means it renews automatically.

To create a periodic tenancy in a written lease agreement, the contract should expressly state the successive periods of the lease. For example, if both parties would like to only commit to one month at a time, then the lease would say something like “Landlord leases to Tenant from month to month.”

If you have any questions about your lease or would like to schedule a free consultation with one of our experienced real estate and contracts attorneys, contact us today!

Always Hire Licensed Florida Contractors

Want to hire an independent contractor in Florida? Always hire licensed Florida Contractors!

Your home is one of the most important investments you make in your entire life. You have to make sure, when renovating your home, to hire a contractor that is licensed by the State of Florida. Before you decide to hire a contractor, follow those tips to avoid unlicensed scams and protect your investment:

Scams in the Construction Industry, especially Home Improvement!

Ask the contractor for his or her license number; many of them are unlicensed: It is important to always ask for proof of a Florida License and to check that the license is in good standing. Unlicensed contractors typically do not have the education or qualification required of a licensee, and will deliver poor quality work with non-compliance with building codes, leaving the homeowner on the hook to finish the project.

Ask the contractor for his or her insurance: You may end up being liable for any accident occurring from an unlicensed contractor that results in injuries to others, whether personal or financial injuries. If the contractor has no insurance, the homeowner is responsible for injuries to the workers.

Get a written contract: You need a true contract reviewed by an attorney–an estimate is just an estimate, not a contract! At a minimum, you need to know the quality of product and material used.

Actual and enforceable delivery time: Make sure that the terms of the contract include an actual and enforceable delivery time of the project. A penalty for non-compliance should also be applied.

Do not pay all of the money up front: You should keep at least 10% to make sure everything is completed. If the contractor asks for all the money up front or asks only for cash, then be aware of the scam. Unlicensed contractors often disappear after receiving payment.

A potential lien on your property: One of the other risks of hiring an unlicensed contractor is the potential lien placed on your property by subcontractors or suppliers.

The best prevention is to be informed! If you have a question about whether a contractor is licensed, call one of our real estate attorneys today and schedule a time to discuss your situation.

Florida Condominium Elections Under Investigation

Many of the Florida condominium elections under investigation currently by the state of Florida are suspected of using fraudulent ballots. After reports that more than 100% of condo owners participated in various Home Owners Association elections, state officials are taking a closer look at the abuses of power at play.

The reports came after some of the owners noticed that their signatures had been forged on recent ballots. The owners whose signatures had been forged had been out of town during the elections, so they could not have possibly voted. Yet, a count of the votes showed that every owner had voted—and some had even voted more than once!

Apparently, this came as no big surprise to many South Floridians. Florida has frequently faces many difficulties fighting fraud and bribes to members of the board of directors and the administrative companies that they hire. From mismanagement of financial assets to election fraud, members and owners of Florida condos need to make a habit of checking their board of directors or management team. Make sure your vote is not going to a cause or a person you don’t believe it. If you are out of the state and need assistance managing your Florida property, considering hiring an experienced real estate attorney who knows how to maintain your investment.

For more information about the South Florida election fraud or for more information about this article, contact Boyer Law Firm today.

Buying Florida Rental Property from Abroad

Buying Florida rental property is one of the best investments you can make. But if you don’t live in Florida, how do you do it?

We already know Florida is a great location to live and purchase real estate, especially if you plan on renting the property out to tenants. Not only is Florida home to over 150+ colleges (and their relocated college students), it is also a career destination. Many professionals are moving their families to Florida to start their life anew, and many of them need to rent a home for about 2 to 5 years before they are able to buy a home for themselves.

If you’re living outside the United States – in Europe, Canada, or you name it – you can still take advantage of the booming Florida real estate market.

When you invest in real estate, you have to go through the process of selecting a property, negotiating terms, and closing on the deal. You also need a solid rental agreement to use with the tenants. The process is complicated and work-intensive no matter if you’re in Florida or not. You can avoid the nightmare of having to do it by yourself from a distance by hiring an experienced international attorney who practices real estate investment and acquisition.

Boyer Law Firm provides services that are uniquely tailored to international investors. Our services make the real estate purchase a smooth transition, even when investors are 7,000 miles or 7,000 kilometers away.

We assist in the entire process, from surveying potential properties to wiring the first rental payment to your account. We also represent the buyer in every stage. We facilitate the negotiation and closing process. We serve as property manager after the purchase has been completed. We also draft and negotiate rental agreements that are specifically tailored to international needs and financial goals.

So even if your purpose for purchasing property is to hold it as a rental investment property, we can help. We can also structure the proper investment entity and advise on tax and regulatory issues.

Foreign sellers: don’t forget about the FIRPTA withholding requirements or the recent rate increase.

If you would like to purchase property without ever having to step foot in Florida or have any questions about Florida real estate market, Contact Boyer Law Firm today.

Hot Real Estate Markets

It’s Real Estate Month at Boyer Law Offices!

It’s that time of year again. School is out, and people all over the state and country are taking their much-earned vacation time. Many families and individuals are finding themselves with the time and cash to afford to buy and sell real estate, especially in Florida. Take advantage of the hot real estate markets and make your move this month. Remember, new closing procedures went into effect late last year. So now more than ever, it matters which attorney you choose to handle your closing. Choose one who always keeps up to date with the latest changes in the law.

For more information on the Florida real estate market, closing procedures, or to schedule a real estate appointment, contact Attorney Francis Boyer today and mention this article.