One of the most important steps to managing your rental property is to have a detailed lease agreement. Invest adequate time in preparing a lease agreement that protects your rights as a landlord and those of your tenants. There are a few simple tips that will save you much time and money. Always consult a professional if available as this article is for the intent of education on How to Write a Lease Agreement.
Here are a few steps when creating your own rental Lease Agreement.
- List who the landlord is and who the tenant(s) are.
- Give a full description of the terms or length of the lease. Such as 3 months or 1 year.
- Have a Start and End Date on the Lease
- Describe the responsibilities of each party. Such as who maintains pool, landscape, etc..
- Include a clause that the tenant can not sublet the home without your written approval.
- Prepare a detailed list of the condition of the property and recognize the tenant is required to keep the property in the same condition.
- State the landlord is allow to inspect the property providing a 48-hour notice. Also state that the locks can not be changed without landlord approval.
- Provide a list of maintenance and repair rules. This includes not obstructing driveways, sidewalks and other entryways, and keeping plumbing, air-conditioning and electrical systems in good running order.
- Specify and outline late fee rules or tenant violations.
- Both parties must sign the agreement and have tenants initial every page.
- Include page numbers.
- Give disclaimer that you are not a lawyer and mistakes may abound in lease that will not cancel the rest of the statements in the document.