The lease agreement is often one of the most important aspects of renting out property. It is important to take all of the necessary steps to protect your investment. The lease agreement is designed to include many crucial details to ensure that everyone is on the same page regarding the terms of the lease. This also helps to protect both the tenant and the landlord legally when disputes arise. Here are a few of the necessary components that need to be included in your lease agreement.
Identity of Tenants
It is important to have every adult tenant listed on the lease agreement. Failing to do so may allow a tenant to argue that they are not violating the lease because they never signed the agreement.
Terms of Tenancy
The terms of tenancy are incredibly important to outline in the lease agreement. This will outline how long the agreement will remain in effect. It will state the date where the tenant will move in, as well as the date the agreement will end on. This will fluctuate depending on how flexible you want your lease agreement to be.
You will want to list all of your requirements pertaining to pets in your rental property. This section should list whether or not pets are allowed on the property, any restrictions on breed, sizes, and numbers of pets, and any applicable fees.
This is an incredibly important aspect to include in your lease agreement. The rent section of the agreement should list the amount of rent, the date on which it is due, the method in which it should be paid, and any applicable late or insufficient fund fees.
There are many other things that need to be included in a lease agreement, including early termination clauses, security deposit details, which person is responsible for which repairs or maintenance, and much more. If you need help creating an effective lease agreement for your property, contact our experts at the Keyrenter in Elite.