Marilyn Ries June 18, 2019 Lease Agreement
Terms of rent – the dollar amount should be in the agreement as well as the day of the month rent is due, where the rent is to be sent, and how it will be accepted (by check, by automatic draft, etc.). The terms for late rent should also be in this portion of the agreement.
Your lease agreement sets the tone for your relationship with your tenants, acting as both a legal contract and a point of reference. As such, it`s vital for it to be as specific and exhaustive as possible. Always make sure that each component of your lease agreement is in line with your state`s regulations, and of course, run it past your lawyer before implementing it.
Set the terms for deposits and fees: How much is your security deposit? What are the terms of its use (e.g. the landlord can use it for damage repair; the tenant can`t apply it toward their rent)? When and how will the security deposit be returned at the end of the lease? Do you charge any non-returnable fees (e.g. for pets or cleaning)? Where is the deposit being held, and are you obligated to return the interest that it generates? (Check the legal requirements for your state.)
Repairs and damages- the condition of the property should be noted as well as the tenant’s and landlord’s responsibilities for repairs and problems with the property. The lease agreement should also describe whether the landlord or tenant is responsible for damages to the property.