All smart property owners know that the best way they can safeguard their investment from any possible tenant trouble is to have a solid and thorough lease contract. To make sure that you have a solid and detailed tenancy agreement, it has to contain the right lease terms. The important lease terms that should be included in any lease contract should include:
The rental or lease term. In general, rental agreements pertain to month to month contract and leases for longer periods, such as two years. You need to be very specific as to the time period the tenant will stay on your property, otherwise you may find your agreement being defined by the common law of your state, which often has unfavorable terms for landlords.
The amount of rent due. Aside from spelling out exactly how much is due every month, you should also include acceptable forms of payment, where payment should be made, whether any grace period exists and any penalties for late payments.
Security deposits and other additional fees. Security deposits are one of the most frequently disputed items between landlord and tenant. As such, in addition to defining the amount, include how the deposit can be used, any non-refundable fees the renter may get after the contract and how the deposit will be returned after the tenant moves out.
Limits on occupancy. Make sure that your contract specifies that only people who have signed the lease (and their minor children, if there are any) can legally live on the property. This will prevent tenants from having their relatives and friends move in the property or subletting it without your authorization. It also gives you legal grounds to terminate the agreement if the tenant does not comply with this stipulation.
Info source: www.apartmentspecialists.co.nz
The rental or lease term. In general, rental agreements pertain to month to month contract and leases for longer periods, such as two years. You need to be very specific as to the time period the tenant will stay on your property, otherwise you may find your agreement being defined by the common law of your state, which often has unfavorable terms for landlords.
The amount of rent due. Aside from spelling out exactly how much is due every month, you should also include acceptable forms of payment, where payment should be made, whether any grace period exists and any penalties for late payments.
Security deposits and other additional fees. Security deposits are one of the most frequently disputed items between landlord and tenant. As such, in addition to defining the amount, include how the deposit can be used, any non-refundable fees the renter may get after the contract and how the deposit will be returned after the tenant moves out.
Limits on occupancy. Make sure that your contract specifies that only people who have signed the lease (and their minor children, if there are any) can legally live on the property. This will prevent tenants from having their relatives and friends move in the property or subletting it without your authorization. It also gives you legal grounds to terminate the agreement if the tenant does not comply with this stipulation.
Info source: www.apartmentspecialists.co.nz
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