For example, in Georgia, many leases include a merger clause. The lease probably does not need the clause as it is clear from statutory law that oral agreements are unenforceable without credible witness. But it still pays to have such a clause, because it helps set expectations for the tenant. In most cases, the tenant is probably unfamiliar with the law, but if the law is restated in the lease, then they may not feel compelled to go to court to discover that their defense is worthless. They can see in the mutual agreement that they have no case. So restating the law can be a good idea, if you want to avoid dealing with lawsuits.
Do you have a waiver clause? You do need this clause as it is not given in the statutes. This clause protects you when you act in such a way to appear to be waiving a requirement in the lease due to performance. For example, you do not charge a late fee two months in a row, and then decide to start enforcing the letter of the contract. Without the waiver clause, the tenant might assert an argument that you waived your right to demand it, based upon your demonstrated behavior. They would have a defendable argument.
Another very important clause is the severability clause. This clause protects you such that when one part of the lease is ruled out of compliance with law, the remainder of the lease remains enforceable. Without this clause, it could be ruled that the entire lease is unenforceable.
Know your lease and know the law. It might serve you well someday. Do you need a reliable property management company in your area? Contact 3 Options now.
3 Options Realty is committed to providing Georgia's best property management services. But in the unlikely event that a landlord…
Read More
Are you struggling to maintain multiple rental properties? Have you recently purchased your first real estate investment, but are feeling overwhelmed…
Read More
Most property management companies are designed around the departmental organizational structure. 3 Options Realty is much different and there are…
Read MoreDaniel R. Wilhelm
Managing Broker
3 Options Realty, LLC.
http://www.3optionsrealty.com
Phone: 678-397-1282
The author of this Blog is not an attorney. Nothing written should be construed as legal advice. Conclusions conveyed are outcomes based upon practical experience and should not be depended upon to be a common outcome of other similar circumstances.
As a property owner, deciding whether to sell, lease, or hold your property can be a crucial choice. The reality is…
Read More
Property ownership is fulfilling and profitable when done right. However, it also comes with its fair share of challenges and responsibilities,…
Read More
Owning a home today seems out of reach for many people. With that said, creating a space that truly feels like…
Read More
Are you stuck with a house that you can’t lease or sell? If so, you are not alone. In such cases,…
Read More