Greater Boston Real Estate Board Standard Form Apartment Lease
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FAQs rha standard form apartment lease
What can I do if I need to break a lease? I have been in this apartment for 5 months. I filled out an inventory, stating what needs to be fixed. Nothing has been fixed. Can I leave?After five months a lots of stuff has broke that you need fixed? The landlord is not required to fix cosmetic issues, only issues that deal with welfare and safety.Also the rent was based on the existing condition. One of the things I cannot stand is when I rented a property to a tenant and then they want a bunch of improvements and I am like fine then the rent will go up.Having said that if the repairs are truly welfare and safety issues, then most landlords will address and fix them. Write the landlord a certified letter. What was the landlord’s response. If he does not address the issue then you could write the landlord that you are going to pay rent until these issues are address and then when he files eviction you could put the rent money up in court and make your argument to the judge. If the judge rules against you, then you would not only be responsible for the rent but all the cost of the eviction.
How many apartments did you need to lease out to live off rental income?The factors on this are pretty large.They come down to how much money gets thrown off per unit.For most desirable locations in California, it’s impossible to rent the unit for more than upkeep, plus some margin for disaster.For example, say I have a small house in the $550K range:650-700 Square foot1 BR, 1BAThe property tax on it per year is about $8K, because property tax is very high in California.Say I put 20% dow, leaving a balance of $395K on a mortgageA 30 year mortgage at 3.92% (just checked), gives a monthly payment of $1,868/monthSo $22,416/year to mortgageLet’s round down; that’s $30K/year outlay, not including maintenanceMinimum, I would need to charge $2,500/month rent, just to cover mortgage and government overheadI need 10% on top of that to cover the place potentially being vacant between rentals; that’s $2,750/monthI need another 15% of base rent to cover maintenance — things like broken appliances, gardening, paint, and so on; that’s $3,150/monthNow that’s a little pricey… but it’s a standalone house, rather than an apartment, so that might just be doable.But it’s not throwing off anything for me to live on.What if I have other investments, and instead of taking a mortgage, which will eventually get paid down, I take a 1.9% loan against a line of credit?In that case, I (effectively) have an interest-only loan at $1,440/month; interest-only means I have no cash flow whatsoever.Further, this is going to tie up what I can and can’t do, as far as risk profile, when it comes to my other investments. That’s slightly painful, but maybe I can take it against the low risk portion of my portfolio.That gives me ($1,868 - $1,440) = $428/month positive cash flow. Or about $5,136/year total.But that’s only a 1.3% return on the $395K… for which I’m paying 1.9%. I’m running net $0.6% in the hole… I’m bleeding $2,370/year.In theory, I should be able to make 10% on that capital… 10% of $395K is $39,500.So net, I am facing an opportunity cost of ($39,500 + $2,370) = $41,870-.Now on the plus side, the low risk investments I have to take, instead of the higher yielding one, gets me — let’s be generous: 5% on the $395K on which I took the line of credit. So I get 19,750+ back from that.So now I’m “only” losing $22,120-If I wanted the original $39,500 I would have gotten from investing in nearly anything but a rental house, I’d need to charge another $5,135/month in rent.On that 650-700 square foot property.And people wonder why rent is so high in California.No.You will not be living off renting single family homes in any “hot” areas in California, unless:You already own them outrightYou bought them before the costs went so high that your property taxes were through the roof because of the tax basis (the purchase price of the house)The only way you make a profit on this type of deal is as a long term investment, and the profit happens because of the price appreciation of the property, not because you are making any money as a landlord.That leaves multiple units.It’s possible to make a profit on a multiunit building in a hot market.At a minimum, probably 6 units, better if there are 8 units.Anything less than about 8, and if a major expense comes up: you’re bankrupt.And you have to live in one of them yourself; you don’t get to live elsewhere.Obviously, as others have pointed out, the answer is going to vary wildly, depending on the location.Pick your location, run the numbers.Before you buy someone out on a multiunit building, talk to a tax accountant, and you will likely want a forensic accountant to look at the books for the location as a whole.Because there are probably long term tenants you can’t charge more rent, even as the state of California claims the ground under their feet is now suddenly worth more, I assure you — it isn’t.It’s worth what you can get out of it in cash flow, and that doesn’t go up, merely because the county (and in some cases city) is going to charge you more in property tax than the pervious owner.Good luck with your “retirement”!*(*) “Finger quotes” because if you are the on site manager, you will not be getting much sleep.
Why do you need to fill out a W-9 form to get back a broker fee from renting an apartment?Is the person requesting that you fill out this form going to be cutting you a check for this fee? In other words, is this broker fee a payment to you for services you rendered? Money that you need to declare as income and thus pay income taxes to the IRS?If not, if this check is for some other reason, then I don’t believe that you should complete this form.I’m not a lawyer, so there could very well be something that I am unaware of, but it looks suspicious to me. I sure would like to know more about this issue.
Do we have to separately fill out the application forms of medial institutions like AMU apart from the NEET application form for 2017?No there's no separate exam to get into AMU , the admission will be based on your NEET score.
If you can't continue to pay the rent for your apartment how do you break out of a lease?This is a very common situation. If your financial distress is temporary, you may be able to work out a temporary arrangement with your landlord, but that is not common. In most cases, the landlord will act swiftly to enforce the lease and evict the non-paying tenant, regardless of the reason the tenant cannot pay the rent. Therefore, you must be pro-active insted of re-active.The best method to break your lease (regardless of the reason) is to simply find a qualified replacement tenant who is willing to take over your existing apartment lease and/or sign a direct lease with the landlord. Once you have found such a person, then simply inform the landlord that you are unable to continue your tenancy and request permission to assign (not sublet) the lease to your replacement or, alternatively, to terminate your lease without penalty in exchange for signing a new lease with your replacement tenant.That is how to break out of a lease with no harm and no foul. In many cases, the replacement tenant is willing to pay a higher rent (perhaps because the apartment has risen in rental value) and the landlord is then, of course, very happy to accomodate your request to break your lease early without any penalty. This way, you turn a potential problem into an opportunity for the landlord and everyone is happy.
How do I write qualification details in order to fill out the AIIMS application form if a student is appearing in 12th standard?There must be provision in the form for those who are taking 12 th board exam this year , so go through the form properly before filling it .
How can I get out of an apartment lease due to broken heating and mildew?These two things have rendered the building not fit for habitation, heating could be fixed easily but the mould is a major health issue, mould is the cause of COPD, a serious lung condition that cannot be cured! I suggest you immediately leave the premises and contact the department of fair trading to advocate for you. Also check conditions of your lease, The RTA aught to be notified as they are an independent agency to protect tenants and landlords. Your landlord will be found in breech of your tennancy contract and the RTA will ensure you have your agreement nil and void and can end your lease and have your bond refunded. Put all complaints and requests in writing and keep copies. You may also independently ask for a health inspection of the premises in regard to mould and have this report copied and sent to relevant agencies. The Health Inspector can render the building unsuitable for habitation.
Is there a way to get out of a 1-year fixed-term lease in Ontario with a notification of some days or months? I got this apartment in pure desperation but I am getting a much nicer place now 1 month into the lease for a much cheaper rent.First, read your lease carefully, there may be a clause that deals with early termination.Second look into sub letting the apartment. Some landlords would prefer not to sublet but they can't prevent you. Sone would prefer to let you out of a lease rather than a sublet.
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People also ask greater boston real estate board simplified fixed term
How long is average lease?Depending on the type of vehicle you lease and the dEvals that are being offered, the average lease term typically ranges from 24 to 48 months.
What is a typical lease term?The term is the length of the rental. The document should include the beginning date and whether it's a month-to-month tenancy or a lease. ... Leases often have a term of one year. The term of the tenancy is usually the primary difference between a lease and a rental agreement, and the choice is typically the landlord's.
How long should my lease be?A short-term lease is one that lasts between 12 and 24 months. The most common lease terms are between 24 and 36 months. Leases are considered to be long-term when they stretch over 36 months, and can be as much as 60 months (five years).
What is the usual lease term?A lease is a contract between the renter and the landlord that specifies the conditions of the rental, including the services provided during the lease term, the rent amount regularly due to the landlord, and the length of the tenant's stay.
What is a standard lease?In most cases, we're signing a standard lease\u2013a document that officially outlines the terms under which one party agrees to rent property from another party. The agreement is legally binding, and ensures both renters rights and landlord rights.