If you’re a landlord, you know how important it is to have a well-crafted and thorough lease agreement. A lease agreement sets out the rules and regulations for both parties in the rental agreement. This ensures a successful and peaceful tenancy. Let’s look at what every landlord should know about a lease agreement.
Rent Amount & Due Date
One of the most crucial elements of a lease agreement is establishing the amount of rent due and when it’s due. The amount should be clearly stated. As well as any late fees that may apply if payments are received after the due date. This ensures that both parties are completely clear on the terms of their financial obligations under the agreement.
Deposits & Fees
Many landlords also charge deposits or other fees in addition to rent. An example would be a pet deposits or application fee. These should be outlined clearly in the lease so that there is no confusion regarding these additional charges. Additionally, all deposits must be held in accordance with local landlord/tenant laws. Failure to do so can result in fines or other legal action against the landlord.
The responsibilities for maintenance should also be outlined clearly in the lease agreement. Who will be responsible for yard work? Who will take care of plumbing repairs? These details need to be addressed upfront so there are no issues down the line about who is responsible for what tasks associated with maintaining the property.
Occupancy Limits & Rules
Finally, occupancy limits and any rules beyond what is already covered by local law should also be listed in the lease agreement. For example, if smoking or pets are not allowed on your property, this needs to be included in your lease agreement so there are no misunderstandings between you and your tenant(s). Additionally, occupancy limits need to be established so that you don’t end up with more people living in your rental unit than agreed upon—this could lead to overcrowding issues like noise disturbances or safety concerns that could become major problems down the line.
A well-crafted lease agreement is essential for any successful rental relationship between a landlord and tenant(s). It outlines all expectations from both parties while also protecting both sides from potential legal action down the line if something were to go wrong during tenancy.
Sapir Realty is a full service property management company. Contact us today to see how we can help.