Importance of having a Well Written Residential Lease:

By Erum Kistemaker

It is important to note, that any lease for more than one year must be in writing to be binding. Therefore, it is important to have a written lease for a term of a year or more (long term lease). We suggest counsel is hired to prepare and review such a lease. It is critical that essential terms are included in the written lease to protect both the Landlord and Tenant. Some of those essential terms are as follows: term of lease; base rent and cam payment, late fees interest and default terms; terminating the lease with or without cause; dispute resolution; venue; and prevailing fee provisions.