premises should be clearly described legal description of real estate should be

Premises should be clearly described legal

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premises should be clearly described * legal description of real estate should be used if lease covers land such as a ground lease * if for part of building, such as an apartment space itself or apartment designation should be described specifically * leases available from organizations such as the Chicago Association of Realtors ® * commercial leases more complicated than residential * letters of intent are often prepared in advance of a commercial lease by the licensees representing the respective parties * commercial leases and complex residential leases should only be drafted by a licensed attorney Use restrictions – page 347 – common stores, commercial lease may provide leased premises used “only as a real estate office and for no other purpose” absence limitations, may use any lawful purpose net lease : a lease requiring that the tenant pay not only rent but also costs incurred in maintaining the property, including taxes, insurance, utilities, and repairs index lease : readjusted based on changes in some type of cost index reappraisal lease – appraised at various points in the lease to see if the lease rate should be adjusted variable lease periodical lease Essential Elements lease form of contract, to be valid, must meet requirements any contract 1. Capacity to contract 2. legal objectives 3. offer and acceptance 4. consideration – usually rent, but not essential , could be labor, as long as consideration granted in creating the lease Statute of Frauds The part of a state law that requires that certain instruments such as deeds, real estate sales, contracts, and certain leases , be in writing to be legally enforceable, sometimes may be oral (page 345) Common Provisions Applications, Credit Reports, and Background Checks Handling of Monies and Documents Fiduciary Obligations Deposits and Accounts Recordkeeping Requirements Laws Governing Fair Housing, Leasing, and Owner/Tenant Relationships Civil Right Acts Federal, State, and Local Fair Housing Acts Federal Fair Housing Act - Fair Housing Act – the federal law that prohibits discrimination in housing based on race, color, religion, sex, handicap, familial status, and national origin Protected Classes Redlining Advertising Discrimination Laws blockbusting – illegal practice of inducing homeowners to sell their properties by making representations regarding the entry or prospective entry of persons of a particular race or national origin 6
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Leasing Agent Content Outline into the neighborhood AKA panic selling steering – illegal practice of channeling prospective home buyers to particular areas either to maintain the homogeneity of an area or to change the character of an area, which limits their choices of where they can live Anti-Drug Laws Government Assisted Housing Programs Americans with Disabilities Act (ADA) pg 371 – tenant improvements – commercial/industrial – erecting new walls, adding partitions Owner/Tenant Relationships must respond environmental problems pg 371 residential leases are usually expressed as a monthly rate per unit pg 368 general agent
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