Mistakes Landlords Make in Tenancy Relationships

Back to the matter. Pardon me, but my focus here is on the mistakes land and property owners make in tenancy and lease agreements. In my estimation, the biggest mistake is this: not even having an agreement at all.

You see this one, it’s something I can’t seem to rationalize. As in, why would you make huge investments in real estate with the current state of the economy and rising cost of everything, bring in an occupant who pays rent to you and not have a tenancy or lease agreement binding you two.

I understand some property owners take that route to save cost or because he or she trusts the occupier to not disappoint.

Big, big mistake. Huge miscalculation. Take it from me: it doesn’t end well. It’s a time bomb waiting to explode. The issues surrounding tenancy and lease are too many and complicated to be left in the realm of oral agreements and trust.

When issues regarding just about anything that relates to the tenancy or lease crop up, it’s the landlord’s word against those of the tenant. Chances are you will end up getting hurt. No two ways about it. In my 16 years experience in property law practice, this avoidable error keeps reoccurring.

Don’t fall into that error. Always remember, first things first. It’s too costly to remedy it. Always ensure you have a properly worded and comprehensive tenancy or lease agreement (as the case may be) prepared by a qualified Lawyer versed in property law before the property is occupied.

Soon I will highlight the other mistakes property owners make in tenancy and lease relationships. Watch out for them.

Do have a beautiful new week.