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I bet you have heard how investing in real estate can be one of the easiest and most effective get-rich schemes in the business world. No wonder why there are a lot of people prefer this path over other types of businesses. Landlordship is considered to be one of the most common types of real estate investments today. Just imagine how easy it is to generate a huge sum of income every month by renting out apartments, houses, and/or commercial spaces. It is a one-time investment yet you can make a steady income without having to invest a lot of effort developing a marketing plan and/or sales strategies, or paying a marketer to promote your business. People who need shelter to live in will come to you. All you have to do is just prepare a lease agreement to protect your right as a landlord, as well as the tenant’s.
A lease agreement is a contractual arrangement between the landlord (lessor) and the tenant (lessee) that states the amount of monthly rental payment the tenant will pay to the landlord and the period of time that the tenant will use the property. Whether you have an apartment, a house, or a commercial space that you want to be rented by tenants, it is important to prepare a sound lease agreement to protect your right, as well as your properties from damage and misuse.
It is important to put your agreement in writing and should be both agreed by both parties. So in the case of a dispute, you can always refer to the lease agreement to prevent yourself from a costly lawsuit. You must make sure that it signed and dated by the tenant and everything should be filled in with necessary information. Leave no blank spaces on your lease agreement.
The lease agreement should clearly spell out the duration of time the tenant is allowed to inhabit or use your property and the amount of money he or she should pay every month. It provides the tenant a clear understanding of the terms of the tenancy, and in case the tenant fails to adhere to the terms and condition set in the rental agreement, you can exercise your right to evict the tenant from your property in a lawful way. You may also want to browse through our collection of short-term rental agreement templates.
One of the reasons why you have entered the real estate investment is to generate monthly income from your properties. In order for the tenant to fulfill his or her monthly obligations, your rental lease agreement should not only define the amount of the rental fee but also give a clear description how the payment should be made. Make sure to also include in the agreement any extra charges for late payment and bounced checks.
As the owner of the property, it is important to know that you possess the right to limit and control occupation, such as the number and type of people living in your property. And since you will be investing for the maintenance of your property, it is important to make sure that the tenant follows the regulation. If the number of occupants exceeds to what you allowed without your knowledge, you will end up paying more for the maintenance costs. You can use your rights to evict unlawful tenants from your property.
It cannot be avoided that there are certain times that a tenant wants to have a pet or welcome a visitor. And since pets and visitor can sometimes cause disturbance and pets cause unintended damages on your property, your lease contract form should clearly define the rules and regulation on whether you allow or disallow pets or visitors in the premises. If you allow, the agreement should set conditions on having pets and visitors.
As a landlord, you do not want to be exposed your property to any negative publicity or attention. That is why it is important to include in your house lease agreement a clause that prevents the tenant from engaging in any disorderly behaviors, such as making unnecessary noises that can cause disturbances in the neighborhood, and illegal activities, such as using and dealing drugs.
Although there are a lot of lease agreement templates that you can download from the Internet, make sure to choose a website that provides professionally written and printable lease agreement templates. Here are some sample templates that are found on our website. They are all available for free download and can be easily edited to match your personal purpose. Check them out below:
Although the earning money is easy in real estate business, it can cause you a major headache if you have a problematic tenant. Whether you are writing the lease agreement on your own or you want to seek the services a lawyer, it is highly crucial that you equip yourself with a sound lease agreement that does not only protect your rights but also help build a strong relationship between you and your tenants. Always make sure to invest effort, time, and patience to ensure that your lease agreement document is well-written and have included the essential key elements.
If you need any assistance in drafting a month to month rental agreement, you can always refer to our website and browse our collection of lease contract templates. So what are you waiting for? Download them now!