| Most
landlords know that they need a lease agreement between them
and the tenants that read their properties. What a lot of
a landlords do not know is all the topics that should be covered
in that lease. Read this brief article to better understand
this subject.
No matter which way you decide to come up
with your rental lease, you’ll need some tools to help
you get the best lease possible. Personally, I am fan of checklists,
so it only makes good sense to use one to help you understand
what you should have in the lease you eventually decide to
use The checklist below is probably very close to the same
one a lawyer would use for reference if he or she were drafting
a lease for a client. This checklist will be extremely consistent,
wherever you live.
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We will go through the checklist and I will
give a brief explanation of each item as I list it. Keep in
mind that not every item may not be necessary, but should
be considered. A good lawyer can help you decide.
Parties—the people involved in the lease.
Each person or entity is a party to a lease. You could have
two parties or many parties to a lease.
Names—all parties or entities on the
lease need to be named.
Address—of the parties if different
than the leased address.
Other identification—as needed.
Subject of the lease
Address or legal description of the property;
address of the property being rented.
Lessee’s purpose—whether residential,
commercial, farm use, etc.
Restrictions on use of property—limits
on use and occupancy.
Duration of agreement or option for lease—length
of contract including starting and ending dates.
Provisions to be included in subsequent lease
Parties—usually refers to names of minors/pets.
Subject term—fixed day when rent is
due and when considered late.
Rental payments—amount of payment and
security deposit.
Access to property—right to enter property
for emergency, repairs, or timely condition review.
Designation of party responsible for repairs—who’s
responsible for what repairs and action taken if repairs not
completed in a timely manner.
Identification of appurtenance--what goes
with or is related to the rented premises (appliances, equipment,
etc.)
Liability for utilities—who pays sewer,
water, garbage, and so forth.
Liability for taxes and assessments—in
some leases, the tenants are responsible for these items.
Renewal option provisions—conditions
and time frame for lease renewal of premises.
Purchase option provisions—conditions
and time frame for purchase of premises.
Transferability of lease agreement—whether
you can sublease or not.
Date of execution—when the lease was
signed by parties.
Signatures—signatures of parties.
This completes the checklist that you may
use to structure your rental lease. It is very likely and
actually quite common that you might include other provisions
in your lease other than those listed.
For instance, many people write their rules
and regulations into the lease itself. These regulations cover
such things as noise, lockouts, pets, and parking. Other landlords
simply hand out the rules as an afterthought, but might write
out amendments to their standard lease as they feel it’s
needed.
Whatever you decide to include in your lease,
make sure it can do its’ job where necessary; in a court
of law.
Leasing
| Drafting
a Lease for Your Rental Property | Change
the Terms of a Lease |
Negotiate
an Apartment Lease | What
is a leaseholder | Business
property lease |
Contents
of a Lease | Manage
Rental Property |
