Commercial Real Estate Investment/Signing a lease knowing of Water Leak
So i am bout to rent this apartment which i really like. The only problem is that i noticed a water leak in the bedroom wall. I asked the lady who showed me and she said that they know and it has been doing it for a while. Im not sure if it may cause mold. Before signing a lease should i make the rental aggrement contingent upon these corrections and agree upon a completion date? Any answers?
I am confident you already know the answer.
Water damage will destroy wood, cause mold, and attract unwanted vermin.
If there is water damage, also include in the contingent that you want what ever is causing the leak also fixed, like a new roof, or patch the roof, or if you are sandwiched between apartments that the source of the leak will need a certified plumber to fix it.
Take a picture of the source of the leak, and when you move out and the leak re-appears you will not be charge for the damages.
It may be a nice apartment, but really, if the land lord did not fix the leak prior to your arrival, then don't expect much from them in the future for all your other issues that pop up. Personally I think it might be a better idea to find a better place to live.
My credentials in the real estate business would be to provide site surveys for power quality, lightning and also inspections on Fire alarm systems, Gate Access and card access systems. My job is to help the potential buyer from buying a money pit, and persuade the original seller to do something about it if they want to settle.