Real Estate Law Week 9 Individual Work Research Paper

Real Estate Law Week 9 Individual Work - Research Paper Example ving Merchant Wholesalers against Nathan Lane associates created a precedent in which the Supreme Court ruled that it is the duty of a lessee to pay rent, or periodic compensations to the lessor. However if a landlord evicts a tenant from his property, that is the end of a lease, and the tenant is not obligated to pay any damages, or rent. The following are the needed elements of a lease, description of the property, duration of the lease, terms of the renewal, rent and security payments, use and occupancy agreements, the lessor’s right of entry and inspection. A lease agreement must give a vivid description of the property, and its area of location. This is for purposes of identification. It must also contain the time frame of the lease, from its beginning date, to the exact date that the lease period ends. It must also specify whether the tenant has an opportunity to renew the lease or not and also identify the use of the property under lease by the lessee (Brook, 2009). The agreement must also contain the rights of the landlord to enter the property, and inspect it. Plain English requirement are applicable to leases because leasing is an investment decision to the tenant and the landlord. The process of leasing can be complex, and chances are that problems can occur which may result to a lessor losing his property, or revenue from the lease. On this note, plain English highlights issues that face landlords and tenants in a leasing situation, and what they ought to put in consideration while drafting a leasing agreement. A landlord needs to know what his rights are, and if the lease document meets his or her needs. On this note therefore, the use of plain English will enable a lessor to know in a clear manner what these rights are (Brook, 2009). For a tenant, he needs to understand what the impacts of the lease are to his rights and obligations. For instance the location of a business premise is important for its survival; therefore it is important for the