The Rental Lease – A Landlord’s Most Important Tool
If you’re a landlord, or you’re thinking about becoming one, one of the most important tools in your land lording tool kit is the lease you have all tenants sign. A good lease can save you a lot of money, a lot of time and a whole lot of aggravation.
Here are ten items that should be included in a rental lease:
- Your name (the landlord) and the name of the tenant and anyone else that will occupy the rental property.
- The address and a description of the rental property subject to the lease.
- The amount of rent the tenant must pay, when that rent is due, if there is a late fee if the rent is not paid on time and how much will it be.
- Information about the security deposit such as how much, whether it will be collecting interest, and under what circumstances will it not be returned at the end of the lease.
- The respective duties of the landlord and tenant regarding the maintenance of the rental property.
- What will happen in the event that the tenant disturbs other tenants’ “right of quiet enjoyment”.
- Under what conditions can you, the landlord, enter the rental unit.
- Are pets allowed, and if so, what kind, how many and are there size restrictions.
- What happens if the landlord dies or decides to sell the building during the lease term.
- Whether the tenant must pay the attorney fees and costs incurred in a lawsuit that the tenant loses, and whether the landlord will pay the tenant’s attorney fees and costs in the event the landlord loses a lawsuit.
This is just a sample of what can be included in a rental lease. One of my favorite websites on the web that has fantastic information for landlords is mrlandlord.com. Its a website by experienced landlords for landlords. One of the many great features you’ll find on the site is a sample lease.
Of course to make sure that whatever lease you decide to use contains everything you can legally include that is of benefit to you, consult with an attorney.
Happy Landlording…..
