What to Include in Your Lease When Renting a Property
When you decide to rent a property it is important that you make sure that whoever you rent it out to is well aware of what each of your roles is. This is where a detailed lease comes in to play. It is important to have the expectations of all parties involved outlined clearly. Here are a few of the things that should be included in a well-designed, and detailed lease.
Outline the Length of the Lease
Lease lengths very, they can go anywhere from a couple of months to a year, and in some cases longer. It is important that both parties be aware of how long the lease is valid for. Having this clear to both parties means that as the end of the lease approaches, both parties are able to prepare to either renew the lease or move/find a new tenant. Additionally, ensure you are covering all terms of the lease or if you’re planning on using a property management company such as OneRent, you can ask if they are using a local realtor’s or apartment association’s legally reviewed lease.
Fees and Deposits
In many cases, tenants are expected to pay the first and last month’s rent up front, as well as a security deposit. Having this clearly outlined is necessary to insure that all parties are aware of what money is expected upfront, and any fees that might come up should certain situations arise.
The Name of All Tenants
It is important to make sure that all adults married or not, living in the unit are individually named on the lease. This holds every individual adult responsible for all of the terms outlined in the lease. This is also important in case relationships end, and the question of who stays in the unit comes into question.
Pets are one of the trickiest topics when it comes to renting out your property, and without the rules being clearly outlined in your lease it can be extremely difficult to hold tenants responsible for any damages made, or bylaws that are broken. In order to ensure that what you want to be followed in terms of pets allowed (if any) a specific number or even list of acceptable (both by the landlord and the city) animals or categorizations (small pets, no rodents…etc.…) should be clearly stated. The tenant’s responsibilities regarding any damages made by the pet(s) ought to be included as well. This is the best way in ensure that the tenant is held responsible.
Miscellaneous Terms and Conditions
In addition to the topics described above – that ought to be included in every lease, there are certain topics that do not apply to every lease. Examples of these include parking, shared spaces, and so on, are topics that depending on the living situation in question should be outlined in as much detail as possible, to avoid future problems.
Your lease is the best way for both the owner of the property and the tenant(s) to protect themselves in various situations. From relationships ending, to welcoming a new pet, these everyday events can put a strain on the landlord/tenant relationship if expectations are not clearly outlined.
At the end of the day, a lease that takes into consideration both the renter and owner’s needs means a more positive and secure rental experience for all parties involved.