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| *The Commerce Journal>>>Renting & Real Estate |
Should I be worried about not being allowed to put a lease on public record? |
I'm signing a new lease and one of the terms is: "Lessee shall not record this Agreement on the Public Records" What's the Purpose of this and the significance. Is it something I should worry about?? I've never seen this before and I'm curious as to what it means. Thanks! I can't see any reason to put it on public record and have no intention of doing so. I understand it's a legal document and usually make a couple copies to keep in my house, in my safe deposit box, and one at my parents (i am always triple safe with these things) I just was reading through the lease and it caught my attention and I found it odd. I've never seen it on a lease before and was curious. It is a common provision in residential leases intended to avoid someone recording the deed and thereby clouding title. The only leases normally recorded are commercial leases where there are purchase options, leashold improvements, leashold mortgages, subrogations of lenders, & similarly complex and expensive provisions. I'm not sure why you would want to have it recorded in Public Records. Having an executed lease in your hand is proof enough of your rights as a tenant. Unless he/she is trying to hide something? Why would they even worry about it? Being public record means everyone has the privilege to see it. Before I sign that I might have a person with real estate knowledge look at it. Most leases can not be recorded even if there is no provision in the lease. For a document to be recorded, it must be notarized and most leases are not. I have not heard of this, but it sounds like they want to make sure you understand that this is not some sort of lease to own contract. |
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