I have noticed recently that a lot of agents are by passing the standard “Contract to Lease” and going straight to the lease it self. I am just wondering why other company’s don’t require the contract to lease since there is a level of protection for company and prospective tenant by using these contracts prior to signing of the actual lease. My other question is when did the tenants begin to prepare the lease for the Landlord? Am I loosing touch with what was our normal protocol a few years ago?
What I have observed is that the tenant’s agent, after showing the property prepares a lease faxes it off to listing agent, who has landlord sign prior to condo approval; they even make changes on the lease regarding rent and terms. Section 6 of the FAR “Contract to Lease” clearly defines who is responsible for application fees, and how any deposits are to be handles should they fail to be approved.
Section 7 & 8 outlines how the deposits are to be handled in the event of default by either party. Section 13 outlines the brokerage disclosure and give the Broker and agent some level of security regarding their compensation.
For the life of me after 18 years in this business it still amazes me the level of free styling and how many just make it up as they go along. What I also don’t understand is how these Brokers sleep at night with all this liability running around wild. I guess the agent and broker have not figured out yet that if the customer gets caught in a switch, it is they who will bear the financial burden.
What I have observed is that the tenant’s agent, after showing the property prepares a lease faxes it off to listing agent, who has landlord sign prior to condo approval; they even make changes on the lease regarding rent and terms. Section 6 of the FAR “Contract to Lease” clearly defines who is responsible for application fees, and how any deposits are to be handles should they fail to be approved.
Section 7 & 8 outlines how the deposits are to be handled in the event of default by either party. Section 13 outlines the brokerage disclosure and give the Broker and agent some level of security regarding their compensation.
For the life of me after 18 years in this business it still amazes me the level of free styling and how many just make it up as they go along. What I also don’t understand is how these Brokers sleep at night with all this liability running around wild. I guess the agent and broker have not figured out yet that if the customer gets caught in a switch, it is they who will bear the financial burden.
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