Creating a Solid Lease Agreement: Three Top Tips for Landlords
One of the most important and essential steps for a new landlord is crafting a solid, yet easy to understand lease contract. This will help avoid issues and potential tenant evictions. For many landlords just starting out, this particular step can seem like the most difficult. Although it might seem like a daunting task, it can be easy to create a good lease agreement. We have outlined three important tips to help create a solid lease agreement, which will help you avoid a tenant eviction.
- Know the laws and regulations that apply in your state. In order to build an airtight lease contract, a new landlord will most definitely need to know their own state’s rules and laws regarding the landlord-tenant relationship.
- Clearly define the most important elements on your contract. This includes, but is not limited to: which party is responsible for paying utilities (water, septic, etc.); the appliances that are included or not included in the property; the contract duration; your particular details about fees and deposits; and fees/penalties for early termination of the lease agreement.
- Have a lawyer go over the finished product. It’s so important to have a lawyer or professional go over the finished lease agreement—simply because they can catch errors, point out additional items to add, reference new state laws that have gone into effect, include rules that may have been forgotten, mention important elements (such as a pet clause or early termination details), and even update current eviction practices.