It’s been a tumultuous week for the Houston-area apartment lease market, with both Houston and Austin finding themselves on the brink of bankruptcy.
But when the Houston and Texas apartments were in similar financial straits, there was no shortage of alternatives.
A new lease agreement was signed, but not before some of those other cities had to face the same dilemma.
Here’s a look at how lease agreements can go bad and how to avoid them.
A new lease is the start of a new lease, so a new agreement is the beginning of a lease.
It’s a way to keep an apartment occupied while still paying rent.
When a lease is terminated, the lease is null and void.
It means the lease was signed by someone else and the owner of the property.
A lease is not a legal contract, so it can’t be terminated or changed by the owner.
The lease agreement is not the owner’s sole responsibility.
The owner must still keep all the lease payments and take all the necessary actions to keep the apartment occupied.
The first thing to do when a lease agreement comes up is to look at the terms.
It is possible for a new deal to be signed, however, and there is no guarantee that it will be valid.
When the contract is signed, the owner has no control over the lease.
If there is a dispute about whether the agreement is valid or not, the contract will be void.
Here are the basics of a good lease.
A good lease generally allows the owner to renew the lease term after the lease ends, as long as the lease agreement contains an amount equal to the monthly rent.
If the lease does not contain an amount, then the agreement cannot be valid or enforceable.
If an agreement does not have an amount and the lease payment is less than the monthly amount, the agreement can be invalidated by the court if there is an award for rent arrears.
A good lease does allow for a certain number of months to be paid on a monthly basis, or it may not be allowed at all.
The number of days to be served on a lease can be set to an arbitrary number.
If a lease does include an unlimited number of payments, then a payment is deemed to be a fixed amount.
A month can be considered indefinite if it does not include a set date or time, and the payment is made in advance of the end of the lease period.
If payments are made in cash, the rent will not be paid in full until the date the cash is received.
Payment terms and the amount of time periods are determined by the terms of the contract.
The amount of rent the lease holder is charged for each month is also set by the contract and cannot be changed.
In addition to the payment period, the number of payment days may be set by each party.
If the contract does not allow the payment of rent on a specific date, then it is considered a lease modification.
This is a term in which the owner agrees to a set amount of money that is added to the lease after the date of termination of the agreement.
The modification may be for rent or other non-rent payments, but the amount must be fixed and cannot change.
If payment is for rent, the amount is set by both parties.
If any part of the payment date is missed, the payment must be paid before the end date of the month.
The payment may be made by cash, check, or credit card.
If you don’t receive a payment, the landlord must contact the court to have the modification upheld.
If a new or revised lease agreement does contain an excessive amount of payments on a certain date, the new lease can’t legally be renewed.
The maximum amount of monthly payments may be increased to reflect the amount that has been added to a lease or the number or types of payments that are added to it.
The increase must be for the amount or types or amount of services the new agreement requires.
If more than the normal amount of payment is being added to or changed to a new contract, then that extra amount is invalidated.
If you’re interested in finding out more about new lease agreements, visit the Texas Property Information Center (TPIC).
If a lease has been modified and you need a new one, contact your local housing authority or a real estate agent.
If it is too late to change the lease, you may need to reapply for a lease at a different address.