The lease is arguably the most important document for real estate investors. When you purchase real estate and the structural improvements, the lease dictates the detailed manner in which you generate income from it. Beyond just the monthly rent, the lease will outline the permitted uses, dispute resolution, timing of repairs, reconciliation of Common Area Charges, and even how the lease could be terminated.
For many of our clients, they come to us with an existing background of prior, in-place leases and we are negotiating renewal terms. This presents a different set of challenges as we want to reach an agreement, while modifying the terms to fit both Landlord and Tenant’s objectives which weren’t addressed in the old lease.
As experienced attorneys who have completed many evictions, we know what types of terms cause difficulty in an eviction court. We know what clauses produce effective negotiation when suing to collect on liquidated damages against a defaulting tenant. Our office also provides ongoing support for clients who manage leases that require periodic notices sent to the tenants. We can provide template documents for compliance with the lease which are suitable for multiple uses providing a thorough, compliant notice form that works with any budget.
In the residential space, it is important to understand current case law on federal, state, and local regulations which affect residential tenancies. For example, federal discrimination in the application or approval process can subject landlords to fines and other penalties. Ensuring compliance with pet policies, service animals, and other reasonable accomodations is vital for every multi-family owner. As owners strive to create new avenues of revenue these additions must be added in a thoughtful, deliberate process.
Operations also includes any contracts that the property owner will enter into for maintenance, property management, asset management, or other vendors. Once we work with a client, we understand their personal priorities and can advise on contractual terms to maintain that consistent approach to all contracts.
For example, when we have a client who is risk adverse they may require multiple compliance check-ins and approvals for charges by their property manager. They also want higher insurance minimums for any vendor who enters the property. But, that same owner may sign a general contractor agreement which permits much larger charge orders without written approval. This is not a problem in isolation, but it draws attention from the lawyer because we strive to produce consistency in all legal agreements.