Luxury Leasing
REALTORS
LEASING AGENTS
PROPERTY & ESTATE MANAGERS
LEASED PROPERTY OWNERS
Today’s furnished luxury lease not only puts valuable assets in a stranger's hands, it can build — or destroy — properties and relationships that took years to build.
Premium properties almost always contain more of value than most insurance policies and leasing contracts are written to anticipate, and certainly more than current law, including recent additions to California’s Civil Code § 1950.5, anticipates, introducing a raft of brand-new risks to property owners.
Chief among these new laws include new security-deposit caps, which any luxury homeowner or leasing agent knows will be easily exceeded by the potential repair or replacement costs of furnishings and finishes inherent in high-value properties.
And when the burden of proof, and cost, of damage-driven security-deposit deductions rests squarely on property owners, the difference between hundreds of thousands of dollars in recovery may rest on a single blurry video or dark photograph. If the photographic evidence doesn’t stand up to scrutiny, then the property owner stands to lose a lot more than a priceless artwork or a custom finish — they lose the ability to financially recover that loss.
Investing in a thorough condition and inventory report gives you and your clients a natural, well-informed trust-building occasion. And should the worst happen, what first seemed like overkill quickly becomes relief that someone was going above and beyond in looking out for them.
We go above and beyond to capture the details that matter — just as you do to serve your clients.
A thorough documentation of its contents and/or condition almost always surfaces what isn’t fully accounted for — art acquired since the last review, furnishings that were never scheduled, finishes in perfect condition on move-in day. A review of
What Is AB 2801?
What is CCC 1950.5?