A well-written lease agreement is essential for landlords and tenants alike. It sets clear expectations and protects both parties’ rights and responsibilities.
Here are a few benefits of a well-written lease agreement:
Clear communication: Tell your tenants to read their lease. It sounds so simple, yet few tenants do it. This helps to avoid misunderstandings and disputes down the line. Tell them to read their lease cover to cover before they sign it. Signing a lease agreement isn’t like checking an “I read the terms and conditions, blah-blah-blah” box on a website. The lease contains rules affecting tenant’s day-to-day life.
Protection: A lease agreement can protect landlords from liability and tenants from eviction, by outlining the rules and regulations of the property. Having the tenant read the lease will also help you catch potential problems before they arise. Most good landlords will work with tenants on the terms of the lease if tenants have questions or concerns.
Financial security: A lease agreement can provide financial security for landlords. If you know that a tenant has a special circumstance, such as a family member or friend who visits regularly, discuss it ahead of time. If the tenant makes any verbal agreement with you, such as promising to provide lawn care, make sure you put it in writing in the lease.
Legal standing: A lease agreement is a legally binding contract, which can be used in court if a dispute arises. Make sure to always give a signed copy of the lease agreement to your tenant(s) within 24 hours of signing. Having a well written lease agreement a copy of which was timely delivered to the tenant will help you avoid any tenant’s rights issues after you’ve signed and committed.
Make sure the lease includes a documented move-in condition of the property. You and the tenant should walk through the property together before the tenant moves in and document the exact condition, with photographs.
Proactivity: Make sure to use a lease agreement template that conforms with the local law. If you don’t know if your lease agreement template is adequate, consult with an eviction attorney before you start using it.
Remember, a well-written lease agreement is a powerful tool that can help to protect your interests. If you’re looking for more tips and strategies for creating and enforcing a lease agreement, check out our website or feel free to reach out to us. We’d be happy to help!
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