6 Things to Check in a Malibu Residential Tenancy Agreement

6 Essential To Do Things When Leasing a Malibu Beachfront House

Everyone in Los Angeles knows that living in Malibu is a little too expensive. And even more expensive are real estate properties for the average American homeowner. This is mainly why people looking to reside in this beautiful neighborhood at much lower costs prefer leasing a luxury beachfront home in Malibu.

While leasing may be a better option than buying given the high real estate prices, it is also a more complicated process. You will be living in a place that is owned by someone else which means you will have a greater responsibility to take care of it. Real estate agents in Malibu suggest you have a well-crafted lease agreement that protects your rights and lays out your duties. The following are 6 important features of a residential tenancy agreement that you should look for.

1. Details of the Landlord and Tenants

An agreement takes place between two parties or more. Make sure the contract defines clearly who the tenants and landlords are by mentioning their legal names ad contact details.

2.  The Duration of Lease Term

The well-structured tenancy contracts tend to include a specific duration of the lease term and details of when or how any of the two parties can end the lease. It should ideally have:

• Start date
• End date
• Exact duration
• Exemptions or conditions (if any)

3. Amount of Security Deposit

This clause mostly protects the landlord in times when the renter fails to pay the rent and bills or even in case of any damage to the Malibu luxury property. As a renter, you can negotiate the amount of security deposit. But make sure that the contract clearly states the negotiated security deposit amount and the conditions under which you will get your deposit back.

4. Rent Details

This is the most important of all features because the rent is the value you’re paying for the house. Luxury homes in Malibu generally have high rents so you’re likely to be paying a huge amount, hence ensure that the contract has matters of rent addressed clearly. A few things to look for are:

• Monthly rent amount in dollars
• Due date to pay rent each month
• Method of paying
• Consequences of late payment

5.  Description of the Rental Property

Remember that the details quoted about the condition of a rental property become evidence later on to how tenants have used and/or misused the home. Although the information doesn’t have to be too detailed, it should at least mention:

• Type of property
• Area and address (apartment number, name of the building, etc.)
• Noticeable condition of the luxury home
• Clauses that state how to deal with property damages and repairs

6. Right of Entry

After leasing a luxury home in Malibu, a landlord can’t simply abandon it and instead will visit sometimes to see if it’s secure, safe and in the right condition. While it won’t be fair to stop their access completely, you should include a ‘right to entry’ that identifies when and under what conditions can the landlord inspect the rental property.

If you are looking for Malibu homes for sale, get help from one of the top real estate agents in LA area, call Luis Pezzini today at +1-310-275-2076 and get advice and help from a seasoned real estate veteran in buying your perfect Malibu dream house.