Whether you’re leasing out a property for your office or home, either as a tenant (lessee) or a landlord (lessor), it is advisable to have the obligations of the parties documented and legally executed irrespective of your relationship with the other party.
As an agreement pertaining to ‘immovable property’ your rights arising out of the agreement between your counter-part shall only be enforceable against the other provided it is a notarially executed document and registered. This simply means that the agreement is valid and enforceable which in effect gives you greater protection in case the other party acts in contravention of the terms agreed upon.
That being said it could also work against you if the terms are one-sided. To illustrate the foregoing, as a tenant you run the risk of eviction with little to no notice if your landlord decides he wants the rented premises back. On the flipside, as a landlord, you may be faced with no recourse or remedies if your tenant refuses to pay you rent or has overstayed and is refusing to vacate the premises.
Lease Agreements are important because they outline not only your responsibilities but also your legal rights in respect of the property. For instance, did you know that your landlord cannot come into your apartment without giving you notice in advance?
What if you need to move out of the leased space sooner than expected, how much will this early termination cost you?
We cannot emphasise how important it is to outline your rights and remedies when leasing a property, either in the capacity of a lessor or a lessee. So always make sure your lawyer reviews the agreement and ensure your risks are minimised and your rights are protected.