| If
you're renting out property, it's important to draft a rental
contract that spells out the responsibilities of both the
landlord and tenant.
Visit an office supply store or consult Internet
sites to obtain a fill-in-the-blank rental form that is tailored
to your state's rental laws.
-------------------------------------------------------------
Click
here to find the new way to make long-term money online in
your spare time
-------------------------------------------------------------
Prepare a rental contract, based on the fill-in-the-blank
form, that spells out the responsibilities of both the landlord
and tenant.
Specify all payment terms in the lease, including due dates,
payment methods, late fees, grace periods, penalties and the
period of time (such as 1 year, 6 months, month-to-month)
covered by the lease.
Determine specific provisions to include
in the lease, such as who pays for utilities, taxes, maintenance
and repairs, and policies about pets, sub-leasing and inspections.
Include terms in the lease about security deposits, stating
when the deposit will be returned and the conditions for a
full or partial refund.
Hire a local attorney to review your rental
contract and to verify that the document meets all state and
local rental laws.
Since a lease is a legal document, paying
an attorney to review the draft of your lease is money well
spent.
Assigning Your Lease
If you want to move out of property that
you're renting before your lease expires, you may be able
to assign your lease to another tenant - with your landlord's
consent.
Notify your landlord in writing that you
intend to vacate the rental unit on a specific date, and request
permission to transfer the responsibilities of your lease
to another tenant.
Locate prospective tenants (if your landlord
consents) by spreading the word among your friends and family
members, posting notices on area bulletin boards, and placing
classified ads in local newspapers.
Interview prospective tenants while showing
the rental unit.
Propose to your landlord the assignment of
your lease to the selected candidate; provide your landlord
with detailed written information about the prospective tenant,
such as employment status and financial ability to assume
the lease terms.
Depending on the laws of your state, you may
have the right to cancel the remainder of your lease if your
landlord does not respond to your written request to assign
your lease or if your landlord offers an "unreasonable"
response to the request.
Realize your landlord has the right to deny
your request for an assignment of your lease.
If your landlord agrees to assign the lease
to your selected candidate, you relinquish all rights to the
rental unit upon vacating the property.
Since landlord-tenant laws vary from state
to state, seek legal counsel before attempting to assign a
lease in your state.
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
|
