Once Possession and Control Are Conveyed in a Lease Agreement
Once Possession and Control Are Conveyed in a Lease Agreement: What You Need to Know
Signing a lease agreement for a commercial or residential property can be an exciting time, but it`s important to understand the legal implications of possession and control. Once you`ve signed the lease agreement, possession and control of the property are conveyed to you, the tenant. In this article, we`ll explore what this means and what you need to know.
What is Possession and Control in a Lease Agreement?
Possession and control refer to the right to use and occupy the property. When you sign a lease agreement, you`re granted the right to possession and control of the property for the duration of the lease period. This means you have the exclusive right to use, occupy, and enjoy the property, subject to any terms and conditions outlined in the lease agreement.
What You Need to Know About Possession and Control
Once you take possession and control of the property, there are several important things you need to keep in mind. Here are some key points to consider:
1. Maintenance and Repairs
As the tenant, you`re responsible for maintaining the property and ensuring that any repairs needed are taken care of. This includes everything from regular cleaning and upkeep to fixing any damage caused by you, your employees, or your guests. You should ensure that you fully understand your responsibilities under the lease agreement, including any clauses related to maintenance and repairs.
2. Insurance
You`ll need to obtain insurance coverage for the property, which typically includes liability insurance and property insurance. Your lease agreement may require you to carry a certain level of coverage, so it`s important to review the terms carefully and ensure that you`re complying with any insurance-related requirements.
3. Restrictions on Use
Your lease agreement may include restrictions on how you can use the property. For example, you may be prohibited from using the property for certain activities or from making alterations to the property without the landlord`s permission. It`s important to review these restrictions carefully and ensure that you`re adhering to them.
4. Lease Term
The lease agreement outlines the term of the lease, which is the period during which you have possession and control of the property. It`s important to understand the length of the lease and any renewal options that may be available to you.
5. Rent Payments
Finally, you`ll need to ensure that you`re making rent payments on time and in accordance with the terms of the lease agreement. Failure to make rent payments can result in eviction and other legal consequences, so it`s important to stay on top of your payment obligations.
In Conclusion
Once possession and control are conveyed in a lease agreement, you have the right to use and occupy the property subject to the terms and conditions outlined in the lease. It`s important to understand your rights and responsibilities under the lease agreement, including your obligations related to maintenance and repairs, insurance, restrictions on use, lease term, and rent payments. By staying informed and complying with the terms of the lease, you can ensure a successful tenancy and avoid any potential legal issues.