Lessons Learned About Leases

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. Your tenants should sign the rental agreement before you rent them the property. At some point you’ll have a tenant who turns out to be a headache and therefore having agreed beforehand on terms of his stay will help you in dealing with them. A lease agreement is not only aimed at protecting the landlord but tenant a well. A lease agreement shows that you as the landlord is willing to have a positive tenant-landlord relationship. When it comes to the rental agreement itself, you need to include some basic things to make the document actually viable. There are many lease agreement available on the internet, it’s however important to ensure that it contains all the necessary basics. Your lease agreement should include the following basic terms.

Parties of the agreement must be included. It’s vital that a lease agreement for a rental property includes who the lease is between. The landlord and tenant are the parties in a rental lease agreement. The names of the tenant and the landlord or the agent must be included in the agreement. It should be clearly stated in the document that the person renting the property is now a tenant and the person renting it out is the landlord. 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. Where the property is located should be included in the lease document. Include the hose number and the name of the building, if it has one, on the lease. 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. The period of the lease is the lease term. Long-term leases are usually a year. It’s possible to also have a month to month lease agreement. It’s important that the period through which the lease agreement is valid is included. This is done by stating the date when the lease starts and when the date when it ends. State the specific dates rather than the period through which the lease is valid. Ensure that your lease agreement ends in a seasonable period. This ensures that you get a renewal for your lease quickly and not have your property sitting out without a tenant. The amount the tenant needs to pay for the lease should be included. The amount of lease for the year should be included divided into monthly allotments that should be paid every month.

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. You are able to establish a good relationship by including these terms in your lease agreement.
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