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Common risks with leased-land homes include escalating lease and/or HOA payments and difficulty selling the home. Pay close attention to the surrender clause, which details what happens if the lease expires while you still own the house.
Here is an example of a rent amount clause in a lease: "The Tenant agrees to pay $12,000 as rent, to be paid as follows: $1,000 per month, due on the 1st day of each month. Payment of the first month's rent and any security deposit is due upon the signing of this Lease by the Tenant.
Yes, Microsoft Word has a free lease agreement template that you can customize to create your own contract and minimize any potential problems between tenant and landlord.
For example, the original tenant might have put holes in the wall to make a new passageway or undertaken other major work on the property. At the end of the lease, the new tenant must fix those issues and return the property to the condition that it was in at the start of the lease.
A land lease contract, also known as a land agreement or ground lease, is a contract that allows a landowner (landlord) to rent their land to another person or company (tenant). The land may be used by the tenant for multiple uses ranging from agricultural to residential or commercial purposes.