Habitable / Value of Living – A rented property that is in good condition to ensure that the tenant lives there. Deposit – A very common term in the rental world, it is a sum of money provided by the tenant before the date of moving in, in order to protect the owner from the cost of damage that may occur during the duration of the occupation. Should a written lease be used? Not necessarily. With regard to periodic rental agreements, the establishment of an oral agreement is always legally binding in the eyes of the law. The problem? The proof. In the case of an oral agreement, it is the word of the owner vis-à-vis that of the tenant. Guests – A guest is identified as a person who is not considered a tenant or resident who will be present on the site for a short period of time. The length of stay of a customer must be indicated in the rental agreement. (Most lease agreements stipulate that a particular customer may not remain in the field for a period of six (6) months beyond ten (10) to fourteen (14) days.) Assignment / Assignment – The act of authorizing a secondary tenant (the subtenant) to live in a rented property in replacement (or next to) the original tenant (the subtenant). Also called subletting. Rental – A common word used to describe a tenant`s occupation.
Late Fee – A tax collected by the landlord if the tenant has not honored the monthly rental fee on the day the rent is due. (Most rental agreements specify that the tenant has a certain number of days from the due date, called overtime, to pay the rent.) Non-delivery of property – A provision that is often added to a rental agreement, this clause provides what should happen if the tenant is not able to move into the property before the start date. By that date, the tenant(s) should have read the entire agreement at least once, discussed any questions or concerns regarding the terms contained in the document, and reached an agreement on those terms. As long as the parties are ready to conclude the binding contract, all parties should sign their names in the fields provided for this purpose in order to formally implement the agreement. . . .