A residential lease agreement is a binding contract between a tenant and a landlord. The document lays out that the tenant has the right to use and enjoy the property described in the document in exchange for money paid to the landlord. The agreement will describe what the tenant can and cannot do, their rights, and the landlord’s restrictions and rights. It is a negotiable document, but it is set in stone once signed.
A residential purchase agreement is different in that it involves the buying of property. This agreement outlines the repairs the seller needs to make, items in the home that are a part of the purchase price, and when the buyer is to take possession of the home. The purchase agreement can also outline the conditions in which the buyer or seller can cancel the deal. Legal or financing issues are two of the reasons why a deal may fall through. If a seller tries to back out of the agreement for a reason that is not described in the purchase agreement, the buyer can take the seller to court and recover damages.
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A commercial lease agreement is much like a residential lease agreement in that it is a legally binding contract between a business and a landlord. Many businesses choose to rent property instead of buying because they may not have the startup capital to do so. This agreement is going to outline what the landlord can and can’t do and what the business can and can’t do. Being that many businesses have to remodel the space, remodeling restrictions may be outlined in the agreement. The commercial purchase agreement is also similar to a residential purchase agreement and can outline many of the same terms from when a seller can back out of a deal to when the buyer can move into the property.
Commercial and residential purchase and lease agreements are important legally binding documents that are created to protect both parties involved in a lease or property transaction. It is important that you have legal representation when entering into an agreement because having that representation means not signing a document that is going to hurt you in some way. We can help with your purchase and/or lease agreements. Call the Miller Law Firm, P.A. today at (864) 527-0413.
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