Landlord Waivers from the Tenants PerspectiveReal Estate Influence
August 9, 2013 — 2,250 views
A landlord waiver is becoming a critical document in most parts of the country. A landlord waiver is essentially a document that has been signed by the landlord, allowing the lessor to remove certain pieces of equipment in the event that the individual renting or leasing his living space has defaulted on payments or the lease for that particular piece of equipment has lapsed.
What does the Landlord Waiver State?
The landlord waiver is essentially a document that prevents the development of very strained situations. Due to the fact that the landlord waiver primarily deals in situations arising out of financing in the form of a lease (where the lender is still the owner of the equipment) as opposed to an equipment loan (where the owner is considered to be the one that borrows the equipment), the owner needs to be confident that the equipment can be recovered without a hassle in the event of a lessee defaulting on payments.
For instance, high-end light fittings are a common leased item nowadays and are permanently fixed on the landlord’s property. If the lessee defaults on a payment, the lender is authorized to come into the property and remove or take away all the leased light fittings. This will generally leave the landlords property in a mess and without any lights. In the landlord waiver, the landlord needs to ensure that clauses that require the lessee of his property to ensure that the property is returned to its original condition when returning the property to the landlord.
What do Tenants and Landlords Expect from the Waiver?
The essence of the landlord waiver is to protect parties from sticky situations in the future. Some of the other aspects of a landlord waiver that might be included are the provision to allow the landlord to access certain personal property that may be located in the leased property at any time. Of course, this is generally in opposition to the rule of thumb where the landlord needs to give a certain number of days notice (this varies from state to state) before visiting the leased premises. As a result, a special provision needs to be made and agreed upon by both parties to allow the landlord to access the identified private property.
The expectation from the waiver is essentially to protect the property as well as the landlord from any expenses as a result of the lessee’s defaulting. On the part of the tenant, it is essential to identify exactly what his or her personal property is. It is also essential for the landlord to prevent the lender or equipment lessor to include aspects of the real property as part of any defined personal property.
Dialogue is an essential component of the entire process. The landlord waiver should only be seen as a last resort, legally binding document when every other attempt at an amicable resolution has failed.
The tenant should be able to expect a clean environment as well as a timeliness response to a request for repairs on faulty aspects of the leased property.
At the end of the day, the landlord waiver is in place to properly identify personal property as well as ensure that lessors do not damage the property as a result of the lessee’s inability to make required payments.