The lease agreement is often the most important piece of paper throughout the entire rental process. It is essential to include many aspects in your lease agreement to ensure that you can hold tenants legally responsible for following the agreement. Though you may be a naturally trusting person, you should never rely on spoken word when it comes to a rental agreement. Here are a few important things to include in your lease agreement.
Ultimately, your profit comes from rental payments. It is important that your various rent factors are included in the lease agreement. Include the amount of rent, due date of rent, and method you wish to collect rent. You should also include any deposits and fees that will be required, including late fees and penalties
Names of All Residents
Include the names of all of the residents that will be living in the property. This is important, because if an adult tenant doesn’t sign the lease agreement, you may be unable to hold them responsible for following the rules of the agreement.
Term of Lease
Make sure that you include how long the lease will be in effect. You should also include penalties for breaking the lease early, as well as how to renew the lease when the time comes. This can go a long way toward ensuring that everyone is clear regarding how long the lease will be in effect.
Your Specific Rules
Many policies will be up to your own decisions. Ensure that these rules are included on the lease agreement. If you don’t specify that pets are or aren’t allowed on the property, you won’t be able to hold your tenants to these rules. Outlining your policies can go a long way toward preventing problems from arising.
It is crucial to take time to craft an effective, thorough lease agreement. Here at Keyrenter, we offer expert services to aid you in writing your lease agreement. To learn more about the importance of your lease agreement, contact us at the Keyrenter in Premier today!