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Becoming a Landlord: Ten Things You Should Know
Whether you hope to become a land baron or simply to raise a little extra cash by renting out the in-law apartment in your basement, renting property is a lot trickier than it looks. If you decide to do it, take some precautions.
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Commercial Lease Agreements: An Introduction
Commercial lease agreements are used for leasing commercial property such as a store, restaurant, shopping center, or office building. When buying, selling or leasing commercial property, it is important to work with a commercial real estate broker who can help you locate the right space for your needs.
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Choosing a Roommate: Ten Things You Should Know
Sharing a lease, refrigerator, and bathroom with someone you know and love can be challenging. Try doing it with a stranger. When considering possible roommates, even those you think you know well, think about the following.
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A landlord cannot evict a tenant without following the local and state eviction law exactly. Otherwise, the eviction case will be thrown out of court, and the landlord will have to start the process again.
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Landlords must offer and maintain fit and habitable rental housing, in all states but Arkansas. When they fail to keep the property up to par despite being given notice and a reasonable amount of time to make repairs, tenants may move out without responsibility for future rent. In legalese, tenants in this situation have been "constructively evicted."
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California Rules for Terminating a Tenancy for Nonpayment of Rent
The most common reason landlords terminate a tenancy is for nonpayment of rent. In California, if a tenant does not pay the rent before the end of the day it’s due, a landlord can immediately send a termination notice (unless the lease or rental agreement provides for a grace period).
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Writing a Non-Binding Letter of Intent
Tenants occasionally want to write their own, non-binding letter of intent, to confirm preliminary understandings and set the stage for negotiations. It’s important to make sure that the letter does not turn into an enforceable contract, like a lease.
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Percentage rent—a portion of a retail tenant’s profits—is often charged to shopping center or strip mall tenants. Understanding how this works, and how to negotiate for a good formula, will be critical to your success.
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Responding to a Letter of Intent
Knowing how to respond to a letter of intent, especially one that might bind you to its terms, is key to keeping lease negotiations open. A landlords binding letter of intent needs to be addressed immediately, lest you end up being bound by its terms.
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The Tenant Improvement Allowance
Most commercial tenants want to customize their space. A “tenant improvement allowance” (known as a TIA or a TA) is a common arrangement for paying for these improvements. The Tenant Improvement Allowance (TIA or TA) is money set aside for the tenant to use to customize his space.
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Commercial Tenants' Audit Rights
Net leases require tenants to pay a portion of the building-wide maintenance and common area upkeep, as well as the property insurance and tax bills. While you want to trust your landlord to allocate the costs as agreed to in the lease, you’ll also want a way to check his figures. You want audit rights.
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A letter of intent summarizes the key terms of a leasing deal that’s still subject to negotiation. A well-crafted letter is a road map that will not bind either party to the deal, but it will reflect everyone’s serious intent to get this lease signed.