Louise Gray May 17, 2019 Lease Agreement
Right to renew the lease – if the tenant has the right to renew the lease at the end of the lease agreement, those terms should be listed in the lease agreement. Ideally, a new lease agreement will be signed each time the tenant renews.
Security deposit details – the amount of the security deposit, how it is to be paid, and the terms of its future release should be specified in the lease agreement. Occupants of the property – the lease agreement should list the names of every person who will regularly occupy the property and what happens if a person stays for more than a certain length of time.
Possessions – if certain possessions, like water beds or grills are not allowed on the property, those terms should be listed – along with the consequences if those items cause damage to the property.
Pet details – the lease agreement should specify whether or not a tenant is allowed to have a pet. The limitations on number, size, and species should be listed as well. If there is an additional deposit required for a pet, that amount should be included in the lease agreement.
While many essential and optional lease terms are included in pre-printed, standardized lease forms, those terms may or may not fit your needs as a property owner. It’s important to note, however, that standardized agreements don’t always fit the situation and they may or may not be customized to meet your state and local requirements. When you have questions or want to customize a lease agreement, working with a qualified real estate lawyer is the best way to get the best lease agreement – one you and your tenants can live with comfortably.
Restrict illicit behaviors: Your goal here is to keep all of your residents happy, prevent property damage, and protect yourself from lawsuits. As such, your lease agreement should prohibit disruptive behavior (e.g. excessive noise) and illegal activity (e.g. drug dealing). Specify any other restrictions, from parking rules to the use of common areas.
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