Law School Discussion

Nine Years of Discussion
;

Author Topic: Renting Your Place Out for the Inauguration  (Read 1411 times)

IamAnXman

  • Sr. Citizen
  • ****
  • Posts: 1669
    • AOL Instant Messenger - PM+me+to+get+it
    • View Profile
Renting Your Place Out for the Inauguration
« on: January 09, 2009, 07:27:53 PM »
Is anyone else engaging in said activity?

I have been contacted by an individual whom has agreed to rent my apartment for a large sum of money.

Should I draft a contract (I am a 1L in law school, however I have yet to receive my Contracts grade from last semester and therefore feel reluctant to create my own binding agreement with said renter).

Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5311
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #1 on: January 09, 2009, 07:42:48 PM »
I had this same dilemma for a different high profile event.  I decided not to because if someone is paying you a ton of money for lodging, they're obviously going to expect a lot for it.  I simply didn't want to be obligated to provide five star service in my dingy home.

I don't know if a contract is necessary.  If they wreck the place, it'll be nearly impossible to recover the damages and no one will leave you a deposit if they're paying a lot of money to stay.  You basically have to feel out a person who seems reliable and be willing to suffer the consequences.

dekocards

  • Sr. Citizen
  • ****
  • Posts: 201
    • View Profile
    • stats
Re: Renting Your Place Out for the Inauguration
« Reply #2 on: January 09, 2009, 08:02:36 PM »
I have to disagree with this advice.  You want to shape the agreement you have.  Remember either way if you exchange possession of your home there is likely a contract or lease formed (whether you write it or not).  Better to make it explicit and enforceable by having an attorney familiar with DC law write it up (likely some kind of licensing agreement).  If it isn't enough money to have this done, then I'd say it's probably not worth letting out your apt.

I don't know if a contract is necessary.  If they wreck the place, it'll be nearly impossible to recover the damages and no one will leave you a deposit if they're paying a lot of money to stay.  You basically have to feel out a person who seems reliable and be willing to suffer the consequences.

Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5311
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #3 on: January 09, 2009, 08:05:24 PM »
I have to disagree with this advice.  You want to shape the agreement you have.  Remember either way if you exchange possession of your home there is likely a contract or lease formed (whether you write it or not).  Better to make it explicit and enforceable by having an attorney familiar with DC law write it up (likely some kind of licensing agreement).  If it isn't enough money to have this done, then I'd say it's probably not worth letting out your apt.

I don't know if a contract is necessary.  If they wreck the place, it'll be nearly impossible to recover the damages and no one will leave you a deposit if they're paying a lot of money to stay.  You basically have to feel out a person who seems reliable and be willing to suffer the consequences.

An attorney to write up a contract for a one time event?  That's seriously eat into profits.  That's only worth it if you expect repeat leasings.

dekocards

  • Sr. Citizen
  • ****
  • Posts: 201
    • View Profile
    • stats
Re: Renting Your Place Out for the Inauguration
« Reply #4 on: January 09, 2009, 08:07:29 PM »
If he lives on the Hill in a nice place he might pull down a year's rent in one week.

An attorney to write up a contract for a one time event?  That's seriously eat into profits.  That's only worth it if you expect repeat leasings.

IamAnXman

  • Sr. Citizen
  • ****
  • Posts: 1669
    • AOL Instant Messenger - PM+me+to+get+it
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #5 on: January 09, 2009, 08:11:48 PM »
^ I agree with the above three posts

I'm as qualified as any attorney; as I mentioned in my OP (original post), I have taken Contracts and can draft a fairly operative one that includes essentials such as the parties, the exchange (legally known as consideration), a merger clause (this is complex but there was a case I read about it concerning an unprofitable deli), and signatures.

The UCC will be inapplicable as this is a services contract (i.e. the service of offering my home as a vestige during the inaugural events).

For those interested, I will be receiving 600 dollars a night for 4 nights.

dekocards

  • Sr. Citizen
  • ****
  • Posts: 201
    • View Profile
    • stats
Re: Renting Your Place Out for the Inauguration
« Reply #6 on: January 09, 2009, 08:13:01 PM »
Depending on the location, he might pull down a year's rent in a week.

An attorney to write up a contract for a one time event?  That's seriously eat into profits.  That's only worth it if you expect repeat leasings.

Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5311
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #7 on: January 09, 2009, 08:16:03 PM »
If you're competent, I would draft a contract.  Again, I do not believe that you will ever be able to recoop damages - the contract will never actually give you any literal protections.  However, people tend to behave better after signing their name.  The contact will give you an intangible protection.  Don't bring the JD's in.

IamAnXman

  • Sr. Citizen
  • ****
  • Posts: 1669
    • AOL Instant Messenger - PM+me+to+get+it
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #8 on: January 09, 2009, 08:21:15 PM »
^ If they don't show up, I can sue without a written contract (we have a binding agreement through the exchange of emails) and recover damages (consequential damages in this case would be the lost profits their breach caused).


Pardon Johnny Cash.

  • Global Moderator
  • LSD Obsessed
  • ****
  • Posts: 5311
    • View Profile
Re: Renting Your Place Out for the Inauguration
« Reply #9 on: January 09, 2009, 08:53:05 PM »
^ If they don't show up, I can sue without a written contract (we have a binding agreement through the exchange of emails) and recover damages (consequential damages in this case would be the lost profits their breach caused).



When I did what you're doing, I demanded half of the rent up front.  After a few days passed, I considered the place open for rent.  I guess it all depends on how much you expect to make on the place.  From my experience, suing over something like that will cost more time and resources than you can hope (again, there's no guarantee you'll be successful) to recover.  Just because you're in the right doesn't mean the process won't be too costly or inefficient.