Don’t Get Stuck With A Lockbox When Renting Your Home For Rent
Buying a home is a big step in life. It is probably one of the biggest decisions you will make throughout your lifetime – and it can be emotionally charged as well! You have likely gone through the process of looking at homes, deciding which one is right for you and contacting home buyers agents in order to set up your first meeting with potential home owners. This initial stage of home buying should be an enjoyable and stress-free experience for both you and the home buyer.
But what happens if that first meeting goes well but you find yourself unhappy with the house and want to end the relationship? One of the most common problems faced by potential home owners when it comes to renting a home is having a hard time getting a landlord to agree to a rent contract. As far as landlords are concerned, they are basically property owners who are renting their homes to tenants. And while most landlords do have the skills necessary to understand the legal issues involved, they are not attorneys and cannot be expected to know every clause and loophole in the rental agreement – so your first line of defense against being denied a rent increase is to have a strong lockbox. Here’s why…
When it comes to landlords, they are generally very busy people with many responsibilities to take care of. Besides making sure the rental agreement and rental contracts are fair, they have to think about security, safety, maintenance, and financing. In many cases, these duties are taken care of by real estate agents. But what happens if the real estate agent that represented you and the potential home owner never communicated clearly about who was actually paying for the lockbox?
Sometimes, when you sign the rental agreement or contract, the lockbox is referred to as “fixed rental fee” – but there’s usually a catch. In other words, this fee is NOT included in the monthly rental payment! Usually, the intended recipient of the fee – the supposed owner of the lockbox – isn’t aware of it. That’s where the unsuspecting renters get caught in the trap.
If you didn’t know that the lockbox was a fee that wasn’t included in the rent, how would you know if you weren’t paying for it? How would you know whether you were getting a bargain? Would you have been able to return the items in the event that the supposed owner decided to change the locks and the items were no longer there? Obviously, you wouldn’t want to do that. At worst, you would have been stuck with the lockbox. Then, if you tried to sue the owner, it could cost you much more than the amount of the lockbox – including attorney fees.
So, be careful about signing any contracts with the owners of a home for rent. Read them carefully, understand what is included and not included. If the agreement does include a lockbox fee, double check it with an expert to see if it is an accurate cost. If not, ask the owner to back up the charge and make sure there is a change to it when you leave.
But what happens if that first meeting goes well but you find yourself unhappy with the house and want to end the relationship? One of the most common problems faced by potential home owners when it comes to renting a home is having a hard time getting a landlord to agree to a rent contract. As far as landlords are concerned, they are basically property owners who are renting their homes to tenants. And while most landlords do have the skills necessary to understand the legal issues involved, they are not attorneys and cannot be expected to know every clause and loophole in the rental agreement – so your first line of defense against being denied a rent increase is to have a strong lockbox. Here’s why…
When it comes to landlords, they are generally very busy people with many responsibilities to take care of. Besides making sure the rental agreement and rental contracts are fair, they have to think about security, safety, maintenance, and financing. In many cases, these duties are taken care of by real estate agents. But what happens if the real estate agent that represented you and the potential home owner never communicated clearly about who was actually paying for the lockbox? If you want to know more about this you can click on the link phuket monthly rentals.
Sometimes, when you sign the rental agreement or contract, the lockbox is referred to as “fixed rental fee” – but there’s usually a catch. In other words, this fee is NOT included in the monthly rental payment! Usually, the intended recipient of the fee – the supposed owner of the lockbox – isn’t aware of it. That’s where the unsuspecting renters get caught in the trap.
If you didn’t know that the lockbox was a fee that wasn’t included in the rent, how would you know if you weren’t paying for it? How would you know whether you were getting a bargain? Would you have been able to return the items in the event that the supposed owner decided to change the locks and the items were no longer there? Obviously, you wouldn’t want to do that. At worst, you would have been stuck with the lockbox. Then, if you tried to sue the owner, it could cost you much more than the amount of the lockbox – including attorney fees.
So, be careful about signing any contracts with the owners of a home for rent. Read them carefully, understand what is included and not included. If the agreement does include a lockbox fee, double check it with an expert to see if it is an accurate cost. If not, ask the owner to back up the charge and make sure there is a change to it when you leave.