Moving into a New Apartment
As a result of moving into a new apartment, I entered into a contract with the building's landlord. The parties to the agreement are the agent employees whom the owner has charged with keeping an eye on and maintaining the flat and the tenants. I currently live in a two-bedroom apartment that costs $3,000 per month.
Rent Payment and Lease Terms
According to the terms of the agreement, tenants are required to make monthly rent payments on or before the fifth day of each month. I must also agree on the date that as I accept the offer the lease ends. It is also stipulated in the agreement that once I decide to vacate the flat, I will leave it to the owner in the same condition it was before I moved in. Therefore, to fulfill this requirement, I am supposed to pay a hansel in size of doubled rental payment, that will be used to compensate for damage, if any, after I move out of the house. The deposit is also meant to perform as guarantee in case I refuse to pay rent.
Occupancy Limits and Additional Charges
The contract states that as a resident, I am allowed to stay in the house with a maximum of four people including myself. In case the apartment is occupied by more than four people, I am obligated to pay an extra $1,500 monthly per an additional person. Another issue mentioned in the contract is that pets are not allowed, and in case I am found to be in possession of one in the apartment, then I will be forced to leave immediately, and I won't get a refund of that month's rent.
Responsibilities and Rules
It is specified in the agreement that the property owners are not responsible for any danger or risk that may occur to a person staying in the house or to a visitor in the building (Sagasta & Usategui, 2015). Therefore, anyone occupying the apartment is supposed to be cautious, and all the residents are meant to mind their health statuses. The rules and regulations that are to be followed by the tenants in the house are also stated in the contract. Firstly, for every tenant in possession of a vehicle, there is a $500 parking fee. Secondly, anyone found to be a drug user, not only can be forced to move out but also will be turned to the police and will lose the down payment. Thirdly, smoking is not prohibited unless it affects other neighbors. That means that one can smoke, but the cigarette smoke should not penetrate to the neighbor's house. Another rule is that in case one decides to move out before the determined end of the lease, there should be a one-month notice of the moving out date. In order the tenant fails to do that, the down payment will be lost.
Rental Agreement Signing
Before signing the rental agreement contract, I should give a copy of my identification card and a passport photo. I am supposed to sign next to the amount of payment that was stated, and at the same time, the agent's signature is to be followed because it is meant to be an agreement between the tenant and the owner. In this case, I am the tenant, and the agent represents the landlord. The owner has to sign the acceptance that I will be pay $3,000 for the defined time of lease on the property.
Owner's Responsibilities and Tenant Benefits
Some considerations specified in the contract could be made by the owner of the house. If any damage is made to the house property by an outsider, the owner could compensate repair within three days since occurrence. In case water pipes and electricity cables are damaged, the owner is to refund it within a day. Hence, managing to follow all the requirements mentioned in the contract, the tenants are eligible to stay next month for free or demand their down payment with an extra $3,000 as they move out of the houses. In addition, the contract further includes that the tenants are required to be sane and with a sound mind (Chadman, 2009). This is made in order to ensure that in the future they will be able to prove that they are not forced into the contract because of their health conditions.
Elements of an Enforced Contract
In this agreement, the first essential element of an enforceable contract is an offer. The landlord gives one which is an explicit demand of $3,000 per month. The second important point is a statement, that I agree to become a tenant of the apartment and accept the proposal made at that time. The third essential constituent is a consideration where the landlord takes a responsibility of repairing and maintaining water pipes and electrical cables in case of any damage within a day. It is also stated that failing to perform that, the owner of the property will be penalized according to the agreement. The fourth element in the contract is capacity. It is required that an agreement is to be signed between a landlord and a resident who's in a sound mind. The fifth essential is a lawful purpose. In my contract, it is referred to in the phrase that in case of not following the stated rules, the tenant or the landlord could be penalized according to the agreement signed in the contract. Various conditions are stated, and different penalties are applied to each type of a rule broken.
Agreement and Copy of Contract
By signing the contract, I agree to follow all the rules that are stipulated in this document, and in case of failing to do so, it will be stated that I forfeit the rules and hence I will be penalized as it is specified in the agreement. The same is applied to the property owner who is also obliged to follow all the rules as mentioned in the contract. As evidence, I am given a copy of the signed rental agreement contract, and the original document remains in the office for filing.
References
Chadman, C. (2009). Contracts and partnership (1st ed.). Getzville, N.Y.: Bridge Publishing Company LLC.
Sagasta, A., & Usategui, J. (2015). Purchase and Rental Subsidies in Durable-Good Oligopolies. Revista Hacienda Pública Española, 213(4), 11-40. http://dx.doi.org/10.7866/hpe-rpe.15.2.1
