What is important?
One of the key elements of a lease agreement is the clear identification of the contractual parties and the property itself. It is important to specify which property (and any additional spaces such as a bicycle storage, parking space, or shared areas) is included in the contract. The landlord, who is renting out the property, and the tenant, who acquires certain usage rights, must be clearly stated.
When concluding the agreement, the parties must also determine the duration of the lease. It is crucial to agree whether it is a fixed-term or indefinite lease, as this directly affects the options for renewal or early termination of the contract. If it is a fixed-term lease, exact start and end dates must be specified, along with the conditions for possible extension or termination.
What should a well–drafted contract include and specify?
The contract must also include clear rules regarding the amount of rent, payment deadlines, and the method of transferring funds. It is equally important to agree in advance on any additional costs associated with the use of the property.
Responsibility for maintenance and repairs is another important aspect of the lease agreement. It must be clearly stated who is responsible for regular maintenance and who covers repair costs in the event of breakdowns or damage. Typically, the tenant is responsible for daily maintenance, as they use the property, while major maintenance work and investments are covered by the owner. Both parties must inform each other about any changes or deterioration in the condition of the property to prevent major damage and ensure timely action.
The contract should also address the possibility of early termination of the lease. It is important to include provisions on the conditions for terminating the agreement before the agreed period, including notice periods and potential consequences for both parties.
Advice
It should be noted that the lease relationship is not only subject to the agreement between the parties but also governed by law. Therefore, it is advisable to involve a legal expert when drafting the contract. Only a professionally prepared lease agreement provides a reliable foundation for a successful and transparent rental that protects the interests of both the landlord and the tenant, reducing the risk of potential disputes.
Although some choose to draft the agreement themselves, this often leads to complications — from unclear provisions to difficulties in finding a reliable tenant. To avoid such issues, it is best to entrust the entire process to professionals.
At Elite Agency, we strive to make renting or leasing property safe, simple, and risk-free. We prepare legally compliant documentation, find suitable tenants, and ensure the entire process runs smoothly without unpleasant surprises. For more information, feel free to contact us.
