Updating a year lease letter
please click here for the original pdf August 2007 Managing Real Property Exposures By Matthew R.
Slakoff, CIC, CWCA Account Executive, Cavignac & Associates © 2007 Cavignac & Associates—All Rights Reserved Entering into a building lease can create major financial loss exposures for landlords or tenants.
If you suspect that actions you have taken or neglected to take have led to the decision, you might discuss the matter directly with apartment management to see if options exist besides moving out of the community.
Read more: Reasons to Renew Your Lease and Great Reasons to Stay Put in an Apartment Be prepared to move Without a new lease, keep in mind that you will have to move and find a new apartment. Start making timely moving arrangements, as you may have only 30 or 60 days to make the move.
This is referred to as an intermediate hold harmless agreement and is common in real estate leases.Landlords should always make sure that their lease requirements clearly articulate what insurance is required.Clear unambiguous language will help reduce your liability exposures under your own insurance program.If your lease is coming to an end, you might be considering what to do next. In many situations a landlord is not required to extend or renew a lease.In most cases a resident will either renew a one- or two-year lease, opt to stay on a month-to-month basis, if possible, or move out. Read on to find out about this renting wrinkle and what to do if it happens to you. Unless there is a provision in the lease that specifies otherwise, apartment community management is typically within their rights to end the lease at the termination date spelled out in the lease.
These indemnification provisions can knowingly or unknowingly transfer a wide range of liabilities.