nigeria-real-estate

What is a renter?

A renter is someone who pays rent to live in a residential or commercial property (home, house, condominium, townhouse) that belongs to somebody else.

What is a landlord?

A landlord is the owner of the residential or commercial property that the renter resides in.

What is a residential or commercial property supervisor?

Sometimes, the owner of the residential or commercial property employs somebody to manage and handle their residential or commercial property for them.

What is a lease?

A lease is a written arrangement in between you (the tenant) and the landlord, allowing you to reside in the residential or commercial property in exchange for rent. For your security, you should just enter into a written lease. The lease states what you are accountable for, and what the property manager is accountable for. Both you and the landlord sign the lease and you both should do what the lease says. Leases are frequently hard to understand, even for native English speakers, so it is best to have someone you trust help you understand your lease, or contact a lawyer to assist you.

What is rent?

This is the amount of cash you will pay the property manager every month. Rent is paid in advance, implying that lease is due at the beginning of the month, normally on the very first of the month, for that month. Make certain you understand where and how to pay the lease - online? By check? Cash? If you pay your lease in cash, always get an invoice as evidence of your payment.

What is the term of the lease?

This is the time period you and the property manager concur that you can reside in the residential or commercial property, and you will pay rent. The majority of the time the term is for one year, however it can be less or more if both you and the property manager agree. When this term is over, you and the property manager can sign a brand-new lease-if you both agree-and start all over. Or, you can leave the residential or commercial property.

What are the important things the property owner is accountable for?

Mainly, the proprietor is accountable for making certain the residential or commercial property is fit to reside in and fundamental things work. Most repair work are typically the property manager's duty, especially larger things like the heater, warm water heater, air conditioning system, range, refrigerator, dishwasher, etc. Make certain the lease has either the property owner's or residential or commercial property manager's contact information-telephone number, e-mail address, etc.-and how to contact the proprietor or residential or commercial property supervisor in an emergency.

What are the main things the renter is accountable for?

You are required to 1) pay lease and 2) keep the residential or commercial property in excellent condition. Any other duties will be noted in the lease. Sometimes the renter is accountable for minor repairs and the property owner is accountable for major repairs. Ensure you understand what repair work you are accountable for before you sign the lease. The renter is likewise accountable to spend for any damages that they, or any of their guests, cause.

What is a down payment?

This is money that you give the landlord to hold in case you fail to pay lease or if you harm the residential or commercial property. The down payment is your cash. If you do whatever that the lease says you are needed to do (most of the times, remain for the complete term of the lease, pay your rent, and don't harm the residential or commercial property) then you must get your security deposit back at the end of the lease. This need to take place within one month after the lease has actually ended, or 60 days if that's what the lease states, however it can never ever be more than 60 days after the lease has ended. The proprietor needs to provide you a composed statement that reveals any deductions from the down payment, and why it was subtracted. In addition to this statement, the property manager needs to provide you any cash that is because of you. If you do not concur with the part of your security deposit that was kept by the landlord, you can go to small claims court and have a judge choose. You can get more details about small claims court from the county in which you live. Also, see the resources noted below for more assistance.

What am I anticipated to pay before relocating?

Most of the time you will be needed to pay the 1st month's lease plus a security deposit, which is usually equivalent to one month's rent. Sometimes it can be more. Also, if you are relocating the middle of a month, you may be needed to pay rent for the part of the month you will be living in the residential or commercial property. For example, let's state the rent is $1,500 per month and you are moving in on the 1st of the month. You will pay the 1st month's lease, $1,500, plus the down payment, $1,500, for an overall of $3,000. But if you move in on the 20th of the month, you will probably need to pay $500 for the 10 days of the existing month (1/3 of a month), plus the $3,000 described above.

What else do I need to pay each month besides rent?

Rent might not be all that you have to pay. Usually, most utilities-electricity, gas, water, internet, cable TV-are paid by you. Everything that you are responsible to pay for will be listed in the lease. Sometimes, some energies are included in the rent, however many of the time they are not, and you are needed to pay them. Ensure you comprehend whatever that you are needed to spend for before you sign the lease.

Is the lease negotiable?

Many items in the lease are negotiable and can be altered if you and the both agree. The 2 most typical things that individuals attempt to negotiate are the term and the rent. Let's state the proprietor desires a tenant for one year, however you just wish to stay for six months. The term will be decided by what you both accept. Same with the rent. Remember, both you and the property owner need to agree.

How should I interact with the property manager or residential or commercial property manager?

Try to communicate with your proprietor in composing when possible (email, and so on) Naturally, you can call, but try to follow that with an email to validate what was stated. If it is a concern, you must send out a letter by certified mail. In an emergency situation, call the emergency number that ought to remain in your lease. If that number is not in your lease, ask for it before you relocate.

How do I file a grievance on a residential or commercial property manager?

You can file a complaint against a residential or commercial property manager with the Division of Real Estate.

Filing a Grievance

Can the property manager or residential or commercial property manager visit the residential or commercial property while you are living there?

Your property owner or residential or commercial property supervisor may wish to go to the residential or commercial property from time to time to examine its condition, however the proprietor or residential or commercial property manager can not just come over whenever they want (an exception is if there is an emergency). They should give you reasonable notice or get your consent, and it needs to be at an affordable time. Check your lease arrangement concerning this notice and the property manager's right to go into the residential or commercial property. Once you rent the residential or commercial property from the landlord, it is your home for the term of the lease, and you have a right to personal privacy.

Can I be charged a late charge if my lease payment is late?

Yes, only if your lease payment is late by 7 or more days and the late cost is specified in your lease. You must receive notice of the late cost within 180 days of the date on which your rent payment was due. Late fees charged by property owners and residential or commercial property supervisors are limited to the higher of $50 or 5% of the past due lease payment.

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Can I be kicked out from the residential or commercial property?

An eviction is a legal procedure that a property manager should go through to eliminate you from the residential or commercial property. This procedure is typically utilized when an occupant breaches one or more lease terms, for example, stopping working to pay rent, not leaving the residential or commercial property after the lease term ends, allowing individuals who aren't on the lease to stay in the residential or commercial property, or conducting prohibited activity on the residential or commercial property. For info on your rights if you are being kicked out, see the resources below.