Recover Money Using a Tenant Lease Review

Joor3-300x200Lease Review

There are a number of reasons as to why you should go in for a lease review; you may want to increase the rent, new tenants may be coming in, or the existing tenants may want to renew the lease. A lease review should be done at least once a year, so that all terms and conditions, along with any new regulatory provisions can be updated, these things are mandatory as well.

Recovering money

The lease agreement is a binding, legal document, which by signing, automatically means that the tenants or lessee will have to stick to all that is explicitly mentioned in it. For the most part, tenants will stick to the agreement, in case they do not, you are well within your rights to claim monetary compensation for it.

Breaking the lease

The most common case of breaking leases will be the tenants wanting to move out before the end of the lease, which is typically about a year long. Under pressing circumstances, you may even consider letting the tenants leave, but they can be made to pay off the remaining months rent that is due. You may have to check with your local laws on this subject, but the principle remains.

Damages and dues

Another way in which you can recover money during a lease review is to bring up damages and other dues, if any, with the tenants. They can be told to pay this amount or can be deducted from the security deposit that they have already made with you. You can discuss this in detail with your tenants.

It only makes sense that your tenants are kept well informed about any hikes or increases in payments when you make your lease review, misinformation or hiding any item on the lease can be malpractice and attract legal troubles.