It’s critical to have a signed lease agreement;
A legally binding agreement between willing parties is essential in ensuring an understanding for services provided and services accepted. This applies to buyers, sellers or landlords and tenants.
This seems to be a “no-brainer”, but so many of our cases are due to misunderstandings over agreed terms of contract. Before you sign a legally binding financial agreement, please read it!
The reason for signing each page of a contract is confirmation that you agree to the terms and conditions of all the clauses in the agreement.
Most cases stem from a scenario of urgency, either or both parties are under pressure to conclude the arrangement. There could also be pressure applied by third parties or agents;
“You will have to sign the lease and deposit the money as there are other interested parties”. Never sign a legally binding, long term contract, without reading and understanding all the terms and conditions.
Take the time to ask questions and don’t feel intimidated if you don’t understand Latin or legal jargon. Laws have recently been passed to ensure that all legal agreements are written in “plain language” to dissuade lawyers befuddling clients with legalese language.
If you work through reputable companies in the industry you should be assisted with legal advice throughout the whole process. You should however, also, do your own research/homework before entering into a new financial commitment.
Ensure that the final contract/lease agreement is correctly signed, initialed, dated, witnessed and copied in original form.
This may seem basic knowledge but most disputes arise from misunderstandings of contractual performance expected by either party during the life of a legal agreement.
If you are unsure of any contractual obligations contact a professional consultant.
Nic Campher
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