5 Elements to Include in Your Rental Lease as A Landlord
A well-drafted rental lease document serves as a great communication tool between the landlord and the tenant. It sets up the landlord for success in the rental deal. In case any problem arises, the rental agreement acts as a guide for both the tenant and the landlord. In many cases it helps mitigate a problem before it occurs.
Essential elements to be included in the rental lease
Not all homeowners are aware about how a good rental lease is drafted. To help you, here are some elements that you must include in the document:
- Name of all occupants: Every adult who is going to occupy the house should be included as tenants and sign the agreement. It is also good to add a clause stating that only the specified tenants and their minor children can occupy the house.
- Describe the property: You must mention the complete address of the property. Include any storage areas or parking lots in the agreement.
- Rental price and security deposit: Rental price does not mean just the amount of rent. You must include acceptable payment terms and methods. Include details of the security deposit and how you intend to use the same. Also mention how and when this amount will be used and terms of refund.
- Repair and maintenance: This is important so that you are able to avoid any hassles and chaos over security deposit refund. Define tenant’s responsibility of repairing any damage and maintaining the property.
- Important rules: If some rules are so important that you can ask a tenant to vacate the property if they violate the rule you must include them in the lease. Many landlords include illegal activities, smoking and pet related clauses.
You must keep the rental lease updated
Every time you renew the rental lease with the current tenant or sign a new one with a new tenant, you must consider updating the lease document. Here are some tips on keeping the rental lease updated:
- Update the rental terms like tenant names, dates, fees, etc.
- Update the price including the payment terms
- If you wish to update the rules then get those changed. For instance, you may want to allow keeping pets or add an automatic renewal clause to the rental lease.
- You must check with an expert like Belmares Properties and make sure that the rental lease complies with the most recent local laws.
How can a property manager help?
Hiring a property management service will be worth the investment. This will help you save time and money. You will have a smooth sail when it comes to marketing your property, finding the right tenant, drafting the rental lease or collecting the payment. By entrusting a professional you will experience peace of mind as you can rest assured that your property is being managed in a professional manner. You must ask for local references while hiring a property manager so that you find one that you can trust.
If you have a property that you wish to rent out and need help in managing the same, you can reach out to us at Belmares Properties and our team will be happy to help. You can call us on (210) 877-0815. For more details visit our website.