Ten Terms to Include in Your Lease Agreement
October 25, 2006
From Forbes.com:
“A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of the tenancy.” View the full article at Forbes.com.
I thought this article was a good summary of the key terms you should include in your lease. If you’re a new landlord and don’t know where to begin with writing your lease, start with asking your real estate agent. Hopefully you purchased the property using an agent who handles multi-families and knows something about leases. Ask other landlords, too, for ideas.
But before you use any lease, have a real estate attorney who is well-versed in landlord/tenant law review it to make sure it’s legally binding. The attorney I use for landlord/tenant issues is Doris D’Ambrosio in West Hartford, CT.
Entry Filed under: Landlord, Real Estate Investing. .
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1. Lisa | November 3, 2006 at 12:21 pm
I had a quick look at the Forbes article, but was looking for a ready
one. So I searched online and I found lease agreements online for a reasonable price.
2. Jenna | May 18, 2008 at 12:22 am
Being a landlord once and having a herendous situation on our hands…I would have greatly appreciated this info 2 years ago. It is very concise and thorough.
We should have done a tenant background check , and wrote up a residential lease. We did a favor for a “friend of the family” and it backfired on us.
Now she owes us $5000 and I don’t even think it is worth pursuing.
A lot of those suggestions I would not have even thought about. I wish I would have seen them before I rented. Well, theres always next time, or maybe not..