When there is a contract between the user and the owner, where the later gets paid by the user for lending his assets is called a lease. The money that the owner gets is known as rent. A Lease property could also be an intangible one such as a computer program or a contract with a cell phone service provider. A lease can be given for the real estate where the real estate is used for parking, for business, storage or Institution purposes. Lease could be given for the land or a piece of ground which is called land lease. At times the user or the lessee assigns the lease to the third party so the third party becomes the sublesse or subtenant and the old lessee (renter) becomes the sublessor.
How to take care of a leased Property?
When a person is staying in a leased property, there are certain queries that they would like to get answered. They need to know how they should treat the lease property. How should they take care of it? The renters would like to know the rights they have on the leased property. All these questions get answered when the lessee goes through the lease agreement carefully.
Treat the Lease Property as your own
A person who is staying in a leased property must treat the property as his or her own. They should avoid causing any kind of damage to the property. There should not be any negligence regarding the maintenance of the leased property. As and when the repairs are needed should be done without fail. Renters staying in such properties must seek permission of the owner before making any modifications. Renters can also take advice from the Property Managers when there is a need for repair in a leased property.