Custom Lease Agreement Preparation
A landlord-tenant lawyer might typically cost anywhere between $200 and $500 per hour depending on what state you operate in. As our customer or client, we can make you a lease for free. Depending on the laws in your state, there may be further requirements for rental lease contracts. A lease may need to contain the owner's name and contact information, disclosures regarding lead paint, and additional relevant information. To be clear of the requirements in your area, you should ask a local attorney. Below Is Everything Covered In A Lease Agreement.
Understanding The Rental Lease Agreement
To avoid disputes and problems, later on, you should sign a rental contract before you give over the keys. The lease should cover all expectations and requirements among you and your renter. Rules about rental contracts differ by state. If you have any questions, consult a local lawyer.
Information Needed About Your Property
The lease agreement should include all information regarding your rental, such as:
Type of property (house or condo, apartment, etc.
The address of the property
It does not matter if the property is owned by a condo or homeowners association.
All appliances, furniture, and fixtures that are included in the rental property
Every utility -- water, garbage, sewer, electricity and gas -- and who is responsible to pay
Any services available
You may be required to notify tenants about any defects in the property you know or reasonably should know. Usually, it's your obligation to present secure and livable living conditions for your renter.
Party information
If you only communicate with the main tenant, you may not be able to know what their plans are for roommates and guests. It is important to include clear information about:
The Landlord
Any Other Owners
All Property Managers Or Operating Agents
All Renters Who Sign The Lease
Ask the main leaseholder whether family members, roommates, or children will be living in this unit even if they aren't paying rent or not included in your tenant screening process. This will help you determine how many people will be living there.
Long Term Guests
Tenants' lives can change. There may be extra people living at your home. This could be a spouse or a kid.
These factors are necessary to analyze and make sure you have transparent policies in place for guests staying at your property. You can restrict the number of back-to-back nights or total nights that visitors may be at your property covering a 6-month or 12-month duration. You won't be able to keep tabs on each overnight stay, but you can plan maximum occupancy standards for your rental property in your agreement, as long as your policies are not discriminatory and abide by fair housing laws.
Subletters
You might consider subletting the apartment to someone you know or to a stranger. It is also a good idea to specify your qualifications for subletters. You might ask the tenant to give you written permission before transferring the rental to another person. This way, the tenant can accept or reject a request to sublet the property.
If you are willing to let a new tenant in, it is best to terminate the lease of the previous tenant and start the process with the new tenant. This includes a security deposit and the lease agreement.
The Rental Duration And Termination
The most important components of a lease are the "term" and termination details. This is the period for which the lease will remain in effect. It is possible to have a month-to-month lease with a fixed end date or one year with automatic renewal. Check the local laws to see what is allowed. Also, remember about the consequences if the lessee breaches the contract before its expiration and be informed of the circumstances in which your renter may leave early, such as those demanded by regional law.
Read the laws in your region about how to end a lease and add them in your rental lease agreement. When the end of the lease comes close, you should ask your renter if they want to renew or move out. You should assure that your renter is fully notified about the articles of the lease. This includes whether the lease will resume for a month, repeat automatically for another year, or end completely.
You can set a time for the tenant to move out after their lease ends. Consider allowing adequate time between your former tenant moving out and the new tenant moving in to assess the property and make any repairs or upgrades.
Tenant Eviction
If your tenant has infringed the terms of the lease and failed to fix the situation, an eviction may be justified. To preserve your investment, it is essential to establish clear policies that outline what your tenant is expected to do. These policies must comply with local laws. Before initiating an eviction proceeding, you should always consult your lease agreement and consult a local lawyer.
Handling The Personal Property Of Those Who Have Died
Renters may leave personal items after they move out. It may be deemed abandoned property in some states, and you are permitted to dispose of it. Most states expect that a lessor holds the renter’s belongings just for a limited period and give notification before disposing of them. Review your regional laws and be certain you clearly declare those conditions in your lease. This involves classifying what to do with any personal belongings that were left behind by occupants.
Payments
The monthly rent cost is another important aspect of your lease agreement. Specify the amount, and be clear about when the rent should be paid and which forms of payment you accept. Make sure you are clear about any grace periods you allow and when late payments will be considered. Also, what consequences you will face if late payments are made.
It Is Important To Consider How You Will Handle Any Monthly Rent Payments:
Utilities
Fees for landscaping or HOA fees
Pet rent
Parking fees
Security Deposit
You may want to order the renter to give a security deposit. Your conditions and local rules will decide the amount of security deposit that you are permitted to collect. When determining a security deposit, you might take into record the furniture's value and repair costs.
Consider The Following:
The amount of the security deposit
When it's owed
What circumstances can it be withheld from the renter’s move-out?
At the end of the lease, you must return the deposit to the tenantless any damages; some states require the landlord to place the tenant's security deposit in a separate interest-bearing account and return accrued interest as well. Some cities and states have limits on the amount you can collect. Others require you to offer a payment plan to your tenant instead of forcing them all to pay the full deposit at once. You should be familiar with the local laws and regulations. Talk to an attorney if you have any questions.
Additional Rights And Obligations
Consider the policies that you would like to put in place and the obligations you have for the lessee, such as smoking, maintenance, and parking.
Landlord Responsibilities
As a landlord, you must be clear about your obligations regarding property maintenance and repairs. This comprises any policy that allows you to enter the property when needed. Communicate with your tenant any rules or exceptions that may apply to your property, such as if you require fees for certain amenities.
Tenant Responsibilities
The lease should clearly state what tenants must do on the premises. It should also specify whether they are allowed to change locks or abide by noise control rules. Itemize the appliances (and any furniture, if applicable) that are included in the lease, and note their condition in your move-in walkthrough. Any other property-specific rules or exceptions such as parking policies or common spaces policies should be included.
Smoking Policies
Many landlords will include a no smoking policy in their lease. However, if this is important to you, make sure you understand what it means. You should also consider whether vaping or smoking are allowed in the unit. If smoking is allowed outside of the unit, make sure you understand local laws and how it can be done.
Smoking areas should be designated
Smoking distances from buildings must be kept to a minimum
How to dispose of smoking waste