3 Chapter Leases Chapter

3 Chapter Leases Chapter - Management Class 3 Leases Robert...

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Unformatted text preview: Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 1 Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 2 Chapter 3 Leases One of the major functions of the property manager is to keep property in their care rented at the highest possible income. This increases the Net Operating Income and consequently the value of the property. Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 3 Chapter 3 Leases Continued Generally leases are drawn by attorneys, they usually favor the owner. Managers will often keep using a successful lease, over and over again. This often used lease is normally referred to as a boiler plate, or a template. These lease contracts should be reviewed by a competent attorney from time to time to check the legal status of the lease. Apartment associations, commercial agents associations often have the best basic templates for leases. Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 4 The “Lease” is an agreement, written or unwritten, that transfers some of the bundle of rights to a property to someone other than the owner. The lease can be for any period of time. If a period of time is unstated then it presumed to be one month. This presumption is with written or non-written leases. Leases continued Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 5 Types of Leases There are many types of leases. Month to Month, written, unwritten, on and on and the law provides for all of them. Most leases have been written by attorneys and usually favor the owner. These leases were copied and became fill-in documents. (Adhesion Contracts) Periodically it is prudent to have contracts re-read by contract attorneys. Interestingly the Apartment Associations usually have the best apartment leases as they are constantly dealing with the rental of apartments. Use the apartment association in the area of the rental for the proper contract. Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 6 Source of Forms Staying with the logic if we are renting office space we will probably get our rental agreements from The Institute of Real Estate Management (IREM) or a more specialized organization that emerge from time to time. The source of your forms should be of some concern for you. You know that if you are renting apartments the local apartment association will likely have the rental contract that you want and need. Recognize that the California Association of Realtors sells a rental agreement but it is not as timely as the rental agreements available at the Apartment Associations. Management Class 3 - Leases - Robert Rooks Management Class 3 - Leases - Robert Rooks 7 Disclosure Forms In today's rental markets beside being responsible for the rental agreement itself, we have to take into consideration the “Disclosure Forms” that are required by...
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3 Chapter Leases Chapter - Management Class 3 Leases Robert...

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