There are 3 types of property which law recognises. First is the personal property which consists of any movable items such as furniture. The next one is the intangible property which refers to the type of ownership without physical existence but can be represented by any physical item such as a stock certificate. The last one is the real estate which some people commonly used the term “real property”. It refers to the land and anything permanently attached to the land. Examples of these are buildings and other structures.
The real estate law is the one that governs who owns and uses the land. There are different legal disciplines regarding this simple concept. First, the real estate can be either commercial or residential. Not just it can be owned by a sole person but it can also be used by others through rental arrangements.
A land can either be sold or bought and because of its high value, there are several laws locally which ensure that real estate transactions are well recorded and properly performed. The land can also be passed between different family members through an estate planning or it can be owned by more than one person. Next, the local government and the state have rules regarding the purposes for which land can be used. For instance, for each plot of land, it must be used according to the local zoning laws and the landowners cannot damage their surrounding environment.
- The Landlord Tenant Law
If you are a landlord looking for a perfect tenant, or a tenant searching for reasonable accommodations and a good landlord, you need to consider several things. There are some renting basics both parties need to consider such as collecting or paying security deposits, fair housing laws basics and many others. For landlord lease, working out on tax deductions as well as determining how to evict non-paying tenants are few of the considerations you need to take. As for tenant lease, understanding your rights to tenant safety plus the return of security deposits as well as whether they can sublet your primary concerns.
- Lease Agreements & Commercial Lease Agreements
There are provisions found in a typical lease agreement. These include the following:
Names of both parties involved (landlord and tenant)
- Description and address of the rental unit
- Amount of rent
- Date of rent which it must be paid monthly
- Amount of security deposit
- Whether pets are allowed
A commercial lease agreement will often be very different from a regular property agreement in the same area, if you are from Victoria Australia and you need advice on commercial building lease agreements then I recommend you follow along here for more info.
Depending where you are from, there are some provisions which are considered illegal. These include the following terms:
- Waiver of right to sue his/her landlord
- Waiver of right to receive a refund of security deposits
- Discriminatory exclusion of tenants such as religion, gender, and race.
A Business lease is a type of lease you will need to agree to when renting a property for commercial purposes, If you are considering a business lease then it is advisable to consult an experienced real estate attorney such as PCL Lawyers. A commercial lease is generally a lot longer and tougher to understand than a residential lease. Most of the commercial renters have fewer legal protections than those of residential tenants. Typically, a commercial landlord uses a lease that was prepared by attorneys and strongly protects their interests.
Assignment of Lease
For tenants who want to get out of a lease even if the lease isn’t expired yet, one of the legal options is to transfer or assign his/her lease to somebody else. The title document used for the transfer of lessee or tenant to another tenant is called the assignment of lease. There are several requirements that need to be satisfied before the previous tenants could release any lease-related responsibilities. One of the most important requirements is to secure a document called “License to Assign”. After securing a License to Assign, the original tenant can move on securing other required documents before he/she can transfer the land to somebody else.