It goes without saying that most of us eventually want to settle and build down roots, in the suburbs with a vivid picture of a white picket-fence and “sunny” the dog playing on the front lawn. Or maybe a nice country cottage down south, if not a lovely two-story apartment down 5th Avenue where you’re always privy to the city of dreams when it’s either roaring wild with starry-eyed dreamers or laying down low with jaded professionals off-duty. Wherever it is that your mind is trying to build a picture of a place to call home, you will have earned it when you’re personally and financially ready. You may also like blank rental agreements.
Many Americans strive and work hard to purchase a residential property, and it may in fact be on the top of a 3 or 5-year plan. While that’s good, renting a property when the purchasing ladder is too high to climb, comes as a better option most of the time and especially if you’re really not that ready to own or build a house just yet.
Especially not if you do not know all the responsibilities that comes with being a homeowner, not that being a tenant doesn’t come with a few of them too. In the case of those who own a property and lease them out, being a landlord can also be filled with challenging responsibilities on top of challenges with tenants who do not know how to keep their part of a renting deal or agreement. You can also read apartment rental agreement templates.
Every landlord wishes to have their property leased out to, and occupied by the perfect tenants. While this remains as wishful thinking most of the time, you can avoid having to deal with one problem after another by having your tenants sign a rental agreement that spells out your terms and expectations. An agreement is a vital step, because without it, you’re in for a real nightmare.
Gone are the days of two handshakes and it’s all good, because when something comes up, such as disputes over maintenance and rental checks, you would have nothing to show for what you have agreed together. Your word against the other person won’t be admissible in court without legal proof. Simply put, if there was no record or document signed by both parties, no agreement exists. You can also like free rental agreement templates.
If you want to sleep better at night, a written agreement is what you need, and the earlier you learn how to write or improve one, the better sleep you’ll have. Use the following as your guide:
Every state and a few cities have different regulations regarding property management and tenant and landlord rights. Knowing the laws concerning tenancy before writing your rental agreement will assist you in knowing the provisions or terms you can and can’t include in an agreement. Better yet, hire an attorney if you can afford one. Why? Simple, it’s best to have experts on your side, especially legal professionals.
Aside from the state and city-specific landlord-tenant rules, there are also federal rental property laws you should abide by in your written rental agreements. Having written a simple lease agreement you have drafted without knowing the law, and violating one as a result, is the last thing you want for your tenancy business.
Worse, you’ll risk having a loosely-written rental agreement used against you by tenants with enough knowledge about the law and negotiate wrongly by taking advantage of weak clauses you have included, if you’re not well-versed. You may also like rental agreement letters.
Having a lawyer go over your finalized terms and conditions in the lease wouldn’t require you to squander your life’s savings and can help you save a great amount of pressure, time, and trouble. Being educated regarding the regulations that applies to being a landlord in order to protect your interests whether you’re going over this on your own or hiring a real estate lawyer to assist you, will never do you wrong.
Your aim should be to write an agreement clearly for any prospect tenant and other people to read it. Anything less than that would get you in trouble, because an agreement filled with confusing, complex terms or one that’s written haphazardly would be misinterpreted and may not hold much weight especially when worse comes to worse and disputes happen. Never leave any clauses open-ended to allow wrong interpretation. If your terms aren’t clear, you’re allowing loopholes in your sample agreement that the tenant can use against you instead of protecting all parties involved.
Here are some of the most important provisions that should be outlined and clearly stated in your rental agreement:
Take note that this isn’t a comprehensive list of what should be included in your lease but these are the most important provisions being pointed out that may create legal issues if they aren’t addressed earlier or correctly. You may also like vacation rental agreements.
Detail how much the rent is, the due date and the consequences for non or late payment. The following information should be included:
A good and responsible landlord always provide information regarding the property or unit’s present condition. The agreement should state whether or not the unit being leased is in good condition without any damage or if you are currently having any damage repaired. You can also read month to month rental agreements.
In turn, if you have your rental property all spruced up with sparkling kitchen floors, you don’t want to have to pay for any damage incurred by a careless tenant. The only way to protect yourself from such fees is when you rental agreement covers the following:
Ideally, as the landlord, the responsibility to provide maintenance and repairs, heating, ventilation and cooling equipment as well as other utilities, is yours. However in the agreement, you are allowed to designate certain obligations as the tenant’s share. You can also hold the tenant responsible for repairs of damages incurred because of neglect. You may also like vacation rental agreements.
The lease should specify that it is still the tenant’s responsibility to keep the property he or she is renting in good condition just as he or she had arrived in it and that for the most part, they are responsible for damages they cause. Lay out your rules or process for notification of any defect or hazard in the property or complaints and requests for fixtures. You may also like sample room rental agreements.
A well-written rental agreement sets the tone of your relationship with your future tenants, protecting all of you, as it acts as both a legal contract and a reference for verifying tenant-landlord responsibilities as agreed. Using these templates as guide to draft your first one would be helpful, so long as you also customize your agreement according to your needs and the laws of your state or city. Always make sure that each provision is in line with state regulations and run it with a lawyer or a legal professional before you get it implemented so that you can look forward to reaping the rewards of your renting business.