Lease agreements are vital for any landlord. They are legally binding documents that stipulate the rights and responsibilities of both you and your tenant.
If you need to evict a tenant, or if a tenant tries to sue you, the lease agreement could protect you in court.
Before finalizing a lease agreement, it would probably be wise to go over the terms and conditions with a law firm experienced in real estate law, such as The Werner Law Group.
- Names of the residents
Be sure to include the names and signatures of everyone who will be living on the property. This way, each tenant will be responsible for the lease’s terms.
If one of the tenants fails to make a payment, you will most likely be able to legally seek the entire rent from any resident who signed the lease. If necessary, you’ll likely also be able to evict all of the residents if one tenant breaks one of the terms.
- Rent amount and method of payment
For many landlords, successfully collecting rent is the most important part of their business. To reduce the risk of payment problems, you should clearly state the rent and when and how often residents should pay it on the lease agreement.
You should also include which payment method or methods you will accept.
- Length of tenancy
To avoid any confusion, specifically state when the tenant will be allowed to move in and when they will have to move out.
If it is a rental agreement, which renews automatically after a certain period of time, be sure to specify the date of renewal.
- Maintenance and repairs
Your lease agreement should also include the responsibility of the tenant to maintain the property, beyond normal wear and tear.
You should also clarify what types of damage the tenant would be responsible for paying.
- Deposits and fees
Finally, be very clear about the deposit amount and when you would need to use it. If you have any fees, such as pet fees, include those as well.
Because ensuring leases are legally binding can be difficult, it’s important to make sure a law firm drafts your lease. The Werner Law Group is here to do just that.
Call or text us today at 361-648-6888 to discuss your options. Let us guide you to make the best choices to protect yourself, your property, and your pocket book.