Rental Agreement tidbits
Your agreement should have details about your property and what items are excluded or included i.e., is the home part of an association; what is the address; is it an apartment, house, condominium; what utilities are included; what about landscape; parking. How should they pay their rent to you i.e., direct deposit, check, or money order? How will you handle late or returned payments? All these specifics that are documented could save disputes with your resident.
How long will your lease be for? Decide on the length of the agreement? A best practice is to list the exact date if the agreement ends on a specific date; or will it automatically renewal; or is it month-to-month. Think about how long you want your resident in your home. What happens should the resident want out of the lease, or perhaps you want to terminate the lease. Know your jurisdiction’s rules, including the specifics and requirements that are between and your resident.
Know who will be in your home. Is there one tenant, co-tenants, roommates, relatives, long-term guests? Will you allow subletting? Any details should be part of your lease. Think about it, one extra person could raise your utility costs, which dives into your profits.
One must not forget about addressing your requirements on smoking, the house rules, noise, conduct, pets, water-filled furniture, etc. Know your lease (inside and out) which in turn will reflect your responsibilities as a landlord and those of the resident. Know the specific requirement needed in the lease for your state or municipality. The lease should clearly define the rules & the policies between you and the resident.
At Ultimate Property Management, our rental agreement covers all of these tidbits and more. Let Ultimate Property Management be your partner today…understanding that our work is your life, your dreams, and we will deliver only excellence and aim to exceed your expectations. We pledge to manage your residence with care and diligence!
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This article is not intended to be exhaustive or a substitute for qualified legal advice. Laws and statutes are always subject to change and may vary by county or city. You are responsible for performing your research and complying with all laws applicable to your unique situation.
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