A 10-Point Plan for Rentals (Without Being Overwhelmed)

The Basics of Lease Agreements

You should have an agreement between you and your tenant agreeing on the terms of their stay before renting out your property. Before renting the tenants the property, you should both sign the lease agreement. You will be protected legally from a potential bad tenant by a lease agreement. Not only is the landlord protected but the tenant as well. Having a contract between the two of you is a good gesture that shows you’ll meet the terms of your agreement. When it comes to the rental agreement itself, you need to include some basic things to make the document actually viable. You can find a lease agreement on the internet but you need to ensure it contains all the necessary basis. This article discusses the terms that must be included in a basic rental agreement.

Parties of the agreement must be included. It’s vital that a lease agreement for a rental property includes who the lease is between. For a rental property, the agreement is between the landlord, or their agent and the tenant. The names of the tenant and the landlord or the agent must be included in the agreement. Clearly, state who is the tenant and who is the landlord to ensure that the terms apply to them. Terms of the agreement between the tenant and landlord are therefore applicable as it’s clearly stated who is the tenant and who is the landlord. The location of the property also needs to be included in the rental lease agreement. The name of the building and house number need to be included. Name of the street, postal code and state are also vital in identifying where the property is located.

The lease term must also be included. This is how long the lease is. Long terms are a year long. You could also have a month to month lease agreement. Ensure that you include the period through which the lease agreement is valid. The date where the lease agreement starts and when it ends should be included. State the specific dates rather than the period through which the lease is valid. The period that your lease ends should be seasonable. This ensures that you get a renewal for your lease quickly and not have your property sitting out without a tenant. Include the amount the tenant has to pay. The amount that the tenant should pay every month is given by dividing the lease into monthly allotments.

After including, these basic terms and other terms of the lease, the contract should be made binding. If the contract is not signed by the tenant and the landlord it is worthless. Including these terms in your contract will ensure you get have smooth running with your tenant.

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