Final answer:
Property owners typically need to pay for tenant placement services once a new tenant has signed a lease agreement and moved in. Termination of a lease requires a 30-day written notice from either party, and failure of a tenant to vacate can result in additional charges. Possession issues may also lead to agreement termination or prorated rent based on the actual possession date.
Step-by-step explanation:
Property owners are generally required to pay for tenant placement services once a new tenant has been secured and the lease agreement has been signed. The specific time when the property owner needs to pay the one month's rent for tenant placement may depend on the terms agreed upon between the property management company and the property owner. Typically, this fee is due once the tenant moves in or shortly after the start of the lease term. As for the termination of the lease, property owners and residents may terminate their monthly lease agreement by giving a 30-day written notice. Importantly, the property should be vacated and all keys returned to ensure a smooth transition. If a resident fails to vacate, they might owe additional rent and could be liable for other damages, potentially including those arising from the owners' loss of prospective tenants. In cases where the property owner cannot deliver possession of the residence to the new tenants on the agreed-upon date, either party may terminate the agreement. If the agreement is not terminated, the rent will be prorated starting from the actual possession date.