South Carolina Lease Agreement

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South Carolina Lease Agreement

Introduction to the South Carolina Lease Agreement

South Carolina Lease Agreement is governed by the South Carolina landlord Tenant Act. For a specified monthly payment, the listed property is leased from tenant to landlord. It should be in a written format.

Under the lease agreement, no ownership right is provided. Only South Carolina tenant rights are provided, which entitle the tenant to use the property for permitted purposes.

Parties Involved in the South Carolina Lease Agreement

Under the Lease Agreement, the following parties are involved:

  1. Landlord: Under the lease agreement, the landlord is the person who owns the property.
  2. Tenant: Under the lease agreement, a Tenant is a person who pays the rent and uses the property.

Purpose of the South Carolina Lease Agreement

The Lease Agreement is prepared to keep the following purpose in mind:

  1. A well written Lease Agreement clearly lays down the rights and responsibilities of both landlords and tenants.
  2. After the Lease Agreement is negotiated and signed between the parties, it becomes binding on both of them. Both the parties are bound by the Agreement.
  3. Lease Agreement also benefits those who are not able to incur such huge capital expenditure. It helps them to enjoy the property by paying comparatively less amount.

Contents of the South Carolina Lease Agreement

A well drafted Lease Agreement should include the following things:

  1. Parties Name: The Lease Agreement should contain the proper name and address of the parties to the agreement.
  2. Date of Commencement of Lease: The Lease Agreement should also provide for a date when the lease period will commence.
  3. Date of Termination of Lease: The Lease Agreement also needs to specify the date of Termination of Lease. It should also disclose the grounds for pre-termination of the lease.
  4. Payment of Rent: The Rent to be paid or the mode of payment of rent, time of payment of rent, etc. should be clearly stated. Any rent increase should be subject to South Carolina increase in rent laws.
  5. Security Deposits: The Lease Agreement should also provide for taking a security deposit for a particular period of time.
  6. Rights and Duties of Tenants: It should also provide the rights and duties of the Tenant. It includes clauses like the use of premises, assignment of premises, subletting, alteration, modification, improvement, non-delivery of possession, hazardous material, maintenance, etc.

How to Draft South Carolina Lease Agreement

Points to Be Considered

Following points needs to be considered while drafting a South Caroline Lease Agreement:

  1. Details of Parties: The Lease Agreement should contain the proper name and address of the parties to the agreement. It should provide complete information about the parties to Lease Agreement.
  2. Date of Commencement of Lease: The Lease Agreement should also provide for a date when the lease period will commence.
  3. Mode of Rent Payment: The mode of Payment of rent should also be pre-determined while entering into the lease agreement.
  4. The agreement should be subject to South Carolina rental laws.

Negotiating Strategies

A Lease Agreement should be well negotiated by keeping the following strategy in mind:

  1. Rent: The Tenant, while entering into Lease Agreement, should compare the rent of the similar property. While comparing the market value, the tenant will get an idea of how much to negotiate.
  2. Landlord’s Rule: The extent of the right of landlord should also be negotiated on leased out premise. There should be sufficient restriction on the right of landlord to enter leased premise or eviction without just reason.

Benefits and Drawbacks of South Carolina Lease Agreement

Following are the advantages of entering into a Lease Agreement:

  1. Certainty: The Lease Agreement provides certainty of rights and duties to the tenant and landlord. It is generally for a fixed period of time. Hence, it is certain.
  2. Clarity: The Lease Agreement also provides clarity on various issues that may arise in the exercise of rights conferred under the Lease Agreement.
  3. Low Capital Expenditure: The Lease Agreement facilitates the use of the property without incurring huge capital expenditure.

Following are the Disadvantages of entering into a Lease Agreement:

  1. Binding: The Lease Agreement binds the tenant to the premise for a specified time, which may not be in the interest of tenant.
  2. Expensive: The Lease Agreement turns out to be a costly affair for the parties entering into it.

What Happens in Case of Violation of South Carolina Lease Agreement

Following Remedies are available to Landlord in case of violation of Lease Agreement:

  1. Evict Pre-maturely: The Landlord has the right to evict the tenant pre-maturely in case any default or contravention of terms of Agreement is made by the parties.
  2. Suit for Rent: The Landlord can also bring legal action for default of rent payment.
  3. Damages: The Landlord can also claim damages for the loss or harm done to the leased property.

Following Rights are available to Tenant in case of violation of Lease Agreement:

  1. Damages: The Tenant can claim damages when the rights of tenant are jeopardized by the landlord.
  2. Reformation: The Tenant can seek reformation of the Lease Agreement in case the loss is suffered by the tenant.
  3. Recession: The Tenant also has the right to seek recession of the Lease Agreement in case of breach of terms of the Lease Agreement.

The Lease Agreement provides for a certain right in favour of tenant to use the property without any disturbance on the part of the landlord. The lease agreement also helps the tenant to get the benefit of property at less cost. It also benefits the landlord to utilize the property which was not employed for any purpose and get rent from such property.

Hence, the Lease Agreement is beneficial for both Landlord and Tenant as it satisfies both of their interests.

Sample South Carolina Lease Agreement

A sample of the South Carolina Lease Agreement can be downloaded from below.

 

Download South Carolina Lease Template

South Carolina Lease Agreement

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