There are countless choices for the consumer when choosing a Lease agreement. The technology of the World Wide Web has opened doors to even further choices. The Lease is one of the most important documents when becoming a Landlord. It is the foundation of your business. Choose wisely; dont make your decision entirely about cost. Use the points below to assist you in making a competent decision.
The Lease is a legal document. Most of the standard lease agreement forms available on the market contain only basics. Pre-printed forms, like those that are purchased at stationary or office supply stores, may not be updated to reflect current changes in Landlord/Tenant laws. Make sure the lease you choose to use is up-to-date and in full conformity with current contract law.
Laws are different from state-state. At the state level, laws, rules and regulations affecting the landlord-tenant relationship are frequently changing. Attempting to stay on top of the ever-changing laws on your own can be consuming. If the lease agreement that you choose does not reflect the most up-to-date legislation; it may prove disastrous if you end up in court. Make sure your lease agreement includes the latest state laws and regulations.
A Lease should be thorough and comprehensive. Most pre-printed lease forms cover the basics, but they dont explore the kind of details that will define and create the relationship between you and your tenants. Who will pay for repairs? What about pets? Who will check the smoke detectors? A lease agreement that fails to make clear these kinds of details may produce many troubles.
A Lease must be informative. It is important for your tenants to have guidelines in order to know how to respond to potential situations that may arise from emergencies to the consequences of late rent payments. A first-rate lease agreement will double as an instruction manual, providing straightforward guidelines specifying the proper way to act in a number of common household situations; whereas a generic lease may not.
A Lease should be a professional legal document. The lease you deliver to your tenants conveys much about who you are and what kind of behavior you anticipate. If your lease agreement is a hasty, hand-written contract you quickly scrawled on the back of a For Rent poster, what does that say about the kind of rapport you expect to have with your tenant? On the other hand, if you convey to your new tenants a professional, custom, state-specific lease agreement complete with a cover sheet and table of contents, youre establishing a tone of professionalism, respect, and respectability that will set the tone for the whole relationship.
Now that youre equipped with these guiding principles, selecting the perfect lease should be easier. Remember, just as you would never hold back on the cost of a strong foundation for a new home, dont put your rental property and source of revenue at risk by building a rental relationship on a poor quality lease. Thats one error landlords and property managers should just not make.