Final answer:
To place a reservation on a property, a tenant should understand the terms of the lease, provide necessary notice for termination, and be aware of possession details in case the owner cannot deliver the property as agreed.
Step-by-step explanation:
To place a reservation on a property as a tenant, it is essential to be aware of the terms outlined in your lease regarding termination and possession. Understanding these clauses can secure your rights and responsibilities when it comes to securing a property.
If you wish to proceed with placing a reservation, you should provide a written notice indicating your intent to lease the property for a specified period. Notably, after the expiration of the leasing period, the agreement typically renews month-to-month. However, either party can terminate the lease with a 30-day written notice. Make sure to comply with any 'just cause' requirements if such laws apply.
In terms of possession, if the owner cannot deliver possession on the agreed-upon date, due to unforeseen circumstances such as the prior tenant's failure to vacate or loss of the property, either you or the owner can cancel the agreement with a written notice. You would then receive a full refund of any payments made. If neither party cancels, the lease will start on the actual possession date and the rent will be prorated accordingly.