Important Aspects of Real Estate Agreements

 

Real Estate Agreements are the contracts / agreements between two parties regarding a property. The two major types of real estate agreements are mainly concerning the residential and commercial property. The lease and rental agreements for real estate are governed by strict laws, and unlike other cases, the jurisdiction of the real estate agreements is based on where the property is located, and not the location of either parties.

Why is a written lease agreement essential?

Any agreements need to be written and legalised to prevent hassles or problems that might crop up later. A verbal agreement has no proof, and is difficult to remember and enforce legally. With time the contents of the agreement can be forgotten or changed as required by either party without due information to the others concerned, and this might be a problem. In case of disputes, a written agreement is the only permissible evidence in the court.

The lease agreements between two parties are best written down, and this helps the court enforce it and uphold the terms that have been agreed upon by both the parties. This also prevents either party from including any kind of terms that are either invalid or unlawful. Getting this to a proper attorney is also important, to make sure the legal terms are enforced.

The defining terms of a residential lease agreement

A residential lease agreement is drawn between two parties, known as the landlord (aka the lessor) and the tenant (aka the lessee). The third person involved would be the guarantor, who gives a surety that they would be responsible for paying the rent in case of any losses that are incurred by the landlord.

The landlord is responsible for giving over the property in a particular habitable conditions with all the necessary amenities. As they own or manage the property, the decisions are made by them. The tenant is the person who takes over the property and stays in the premises for a time period in exchange of regular rental payments. The term period of the rental agreement dictates how and when the rent will be paid to the landlord for the tenure of stay.

The terms that specify the obligations of each party

The rental lease agreement also specifies, in writing, the obligations of both the parties involved in the agreement. Both the obligations and the rules are also influenced by the location of the property, and the laws that are specific to that state.

The landlord’s obligations include providing the tenant with access to the property, to repair and maintain the property, and promising no unreasonable disturbances during the period of stay. The tenant’s obligations include regular payment of rent and proper maintenance of the property without excessive repairs in the premises during the tenure of stay.

Specifying the other clauses

In case either party, (or most often the tenant) breaches the terms of a lease, and the differences become huge, the damages have to be compensated in terms of money. Any repairs and arrangements that are made during the stay that are found as intentional breach of the agreement can be grounds for eviction.

Attorneys at Garfield Logan Law specialise in real estate agreements and leases.

What Constitutes a Prenuptial Agreement?

A prenuptial agreement (prenup for short) is one of the most delicate of agreements ever. Legally speaking it is a contract that could be signed between two people who are planning to marry or enter into a civil union. A prenuptial agreement is something that is signed beforehand to make the legal process easier (in case there is one after marriage) and usually deals with division of property and assets, and most importantly, spousal support.

Why is a Prenuptial Agreement important?

All marriages are planned to last, and the union seems inseparable in the beginning. But at times, the best of relationships have fallouts and in such cases it is essential to be prepared beforehand. In the day and age where anything agreed on verbally could be changed as per will, it is important to legalise a properly worded contract that would help speed up the legal processes if not totally eliminate the hassle.

The contents of a prenuptial agreement

A prenuptial agreement will discuss, at large, a few specific areas.

Spousal support – any prenuptial agreement that discusses the legal aspects of a marriage would actively include the clauses that specify spousal support. The agreement can detail who should offer the spousal support and how the money / assets should be handed over. The period of spousal support including the clauses that would negate it are also discussed at the time of writing the prenuptial agreement. This is usually done in the case where one partner is dependent on the other for money.

Division of assets and liabilities – a marriage is planned usually as a long term union, and while it is not evident directly, there are many times when the couple would jointly own assets, or sign up for mortgages and debts. A divorce should not, legally, necessarily entail that one partner suffers the backlash of an accumulating debt while the other goes scot free. Or that one person would get the benefits of the asset that was purchased jointly. A prenuptial agreement, even if it does not detail every individual assets, is worded clearly enough to make sure that the clauses added would cover any purchases made, or debts taken jointly. The clauses are worded in a way they cover future cases and existing property too.

Inheritance of property – a prenuptial is signed usually in the cases where there are chances for one or both of the members in the couple to inherit any kind of property or asset. A prenuptial agreement is usually signed well in advance so both the parties could be prepared with what they know and what they have during the marriage. Both of the parties should clearly state what they have and what they might inherit in the due course. Failure to do so might be challenged in court. Especially if the revelations had not been made before the prenuptial agreement is signed, the whole agreement can be challenged and the ruling will not be in favour of the defaulter. A financial statement with full disclosure is considered a necessity.

Popular law firms including Garfield Logan Law specialise in prenuptial agreements as part of their
marital agreements / settlements specialisations.