A lease agreement is designed to create a clear understanding between the landlord and the renters. It’s also there to protect everyone from lawsuits and misunderstandings. In this article, we’ll discuss the 10 key items to include in your lease agreement.
The lease should include the names of all renters of the unit. Any adult living in the unit is responsible for the rent, and as long as their name is on the lease, a landlord can seek the rent from them.
Every rental unit has a legal limit as to how many people may live there. State this on the lease and make sure it’s clear, so renters understand.
An agreement signed between a landlord and the renters is either a lease or a rental agreement. Leases are a full year, and the decision to renew or not is decided at the end of that year.
A rental agreement is month to month, renewing automatically until the renter or landlord wants out of the agreement.
It’s important that all parties understand what they are signing and that it be stated on the lease.
The lease states what the rental terms are. The terms should include the amount of rent due each month and when it’s due. Late fees should also be clear on the lease agreement.
Deposit and Fees
Make the deposit and fee requirements clear on the lease. Is there a deposit, and if so, how much? Will the deposit be returned when the tenants leave, or is it nonrefundable?
Repairs and Maintenance
Let tenants know who to call when they need a repair. Sometimes tenants aren’t sure if they should do small things like changing a lightbulb or if that’s something you’d prefer they call for.
Entry Into Rental
What are the rules for entering the property? Is there a gate or code? If they lose a key, what are the steps to take to gain entrance? Spell these things out in the lease, so it’s clear for everyone.
One of the key items to include in your lease agreement is the restrictions for the property. Restrictions may include whether or not painting of walls is allowed, noise restrictions, and parking restrictions. Also, this may include how many visitors they can have at once, and of course, the prohibition of any illegal activity.
Are pets allowed? If so, is there a weight limit? Also, if there is an added pet fee, put that in the lease agreement.
Other items might be anti-discrimination laws, city ordinances, and rules for changing a lease agreement or termination.
Remember, the lease is there to keep everyone secure and protected. With the proper management of a rental property and a thorough lease, tenants remain loyal, and the property is well taken care of.
Excalibur Homes, voted “Best in Georgia” and one of the most trusted property management companies in Atlanta, GA, understands the importance of the lease agreement and the need for an efficient manager. Contact Excalibur, and let’s discuss how our full-service property management team can help you maintain the highest quality rental property and renters.