The lease is the backbone of the tenant landlord relationship, so preparing a strong lease is imperative. This is one area you do not want to cut corners. We recommend hiring an attorney who specializes specifically in landlord tenant law. A weak lease could open you up to risk and liability down the road. That’s why at InvestPro Properties, we never use a generic lease or a FARBAR lease like some sales agents might. All of our leases are written by attorneys and specific to the tenant in your property. Today, we are covering a few areas that you want to make sure are part of your lease.
Names of all Tenants
Each adult living in the rental unit should be named as tenants and required to sign the lease. We include co-signors on the lease as well. This makes each tenant and co-signor legally responsible for all the terms of the lease, including the full payment of rent.
Term of the Lease
A long term lease is any lease with a term of six months or longer. Most of our leases have terms of between 12 and 24 months. It should also specify the amount of rent, when it is due and how it should be paid. Spell out details like late fees, the acceptable payment methods and any fees that will be charged if the rent check bounces.
Deposits and Fees
The use and return of security deposits is a common source of friction between tenants and landlords. To avoid confusion and legal hassles, your lease should be clear on the limits and uses of a security deposit. Your lease should also address how maintenance and repairs will be handled, inspections, a landlord’s right of entry, pets and any restrictions.
The lease is an important document and represents the legal contract between you and your tenant. This blog only scratches the surface. If you’d like to discuss this topic in detail, please contact us at InvestPro Properties.