Tips for Landlords from RentalProperties.com What's in Your Lease?
The first three rules of renting your propertyor renting a property are Write it Down, Write it Down and Write it Down!
Put everything you expect of tenants and everything tenants can expect into the lease.
One good idea is to get several copies of prototype leases from your local office supply store and learn what the basic phrases are and what blank options need to be filled in by the landlord and the tenants.
Some options to consider for a lease: Rent payments and Security Deposits
Dates of the lease...monthly, yearly? What happens at the end of the term?
Does the lease roll over to another term or month to month?
How much is the monthly lease and what date is the rent due each month?
Where is the lease payment to be sent to?
What is the penalty for late payment? Is there a finance charge for late payment?
What is the security deposit amount?
What payments are due upon lease signing? Some landlords request one month's rent as a security deposit, plus the first and last month's rent. The last month's rent is paid upfront to deter tenants from skipping the last payment as they move out.
Will the security deposit be held in an 'interest bearing account' as required by some jurisdictions?
What are the specific requirements for getting the security deposit back? How long should it take after move out?
The information on RentalProperties.com is intended for informational purposes and not guaranteed. Please consult with an attorney or your own professional advisor regarding your specific situation.
