Virginia Williams May 16, 2019 Lease 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.
Property rules – if the property is a multi-unit, the landlord may specify rules that govern behavior on the property such as avoiding loud noises after 10 p.m. or not doing vehicle repairs in the parking lot, for example.
Clarify your access rights: Make the tenant aware that you have a legal right to enter the unit under certain conditions (e.g. for repairs, inspections, or emergencies), and that you`ll give them a certain amount of advance notice before your visit.
Set rules for rent payments: Specify the amount, the due date, and the format (e.g. a mailed check or an online payment). In addition, your lease agreement should spell out regulations regarding bounced checks and late fees (e.g. how much you charge and when a payment is considered late).
Lay out rules for pet owners: Indicate requirements such as requiring spaying/neutering, vaccinations, and immediate waste disposal in common areas. Your lease agreement should also require owners to pay a refundable pet deposit and let you approve each pet individually.
If you’re a landlord or property owner, your lease agreement is probably one of the most important documents you use. it is the legal agreement between you and each tenant that occupies the space you own, and therefore, it acts as the rules by which they live in that space as well as defining the repercussions should the rules be broken.
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