If you`re a landlord, you understand the importance of having a lease agreement in place to protect your property and your rights as a landlord. A critical clause that you should include in your lease agreement is the “vacant possession” clause.
What is the Vacant Possession Clause?
The vacant possession clause is an important clause that outlines the conditions for handing over the property to the tenant. It states that the tenant must return the property to the landlord in the same condition that they received it, except for reasonable wear and tear.
This clause protects the landlord from losing money due to damage to the property and other issues caused by the tenant. It also ensures that the landlord has complete control over the property at all times, allowing them to rent it out again quickly.
Why Is It Important?
Having a “vacant possession” clause in your lease agreement is crucial as it gives you the legal right to take back possession of your property once the tenancy period has ended. It prevents the tenant from claiming that they have the right to remain on the property indefinitely.
Additionally, it ensures that any damage caused by the tenant is repaired, and the property is left in the same condition as it was when the tenant moved in. This means that you save money on repairs and maintenance and can re-rent the property without any hassle.
What Should It Include?
The vacant possession clause should clearly state that the tenant must vacate the property by the end of the tenancy period and leave it in the same condition as when they moved in. It should also spell out the consequences of not vacating the property on time, such as additional charges and even legal action.
It is also crucial to include a clause that allows the landlord to inspect the property before the tenant moves out to ensure that everything is in order and that the property is in good condition.
In conclusion, as a landlord, it`s essential to have a “vacant possession” clause in your lease agreement. This clause not only protects your property but also your rights as a landlord. It ensures that the tenant will vacate the property as agreed and that the property will be available for re-renting.
If you`re not sure how to structure your lease agreement, consult with a legal professional or a property management company. They can help you draft a lease agreement that includes all the necessary clauses, including the “vacant possession” clause. With a well-drafted lease agreement, you can save money and avoid legal troubles down the line.