Are you looking for a free residential lease agreement for your rental property? Then learn these important landlord tips for making sure that you have an effective and iron clad rental lease. So what are the necessary ingredients for a good free residential lease agreement?
1. The Type and Duration of Your Lease
There are 2 major types of lease and your rental agreement must clearly state which type of tenancy you have: periodic tenancy or fixed term tenancy.
For residential tenants, most periodic leases will be either week to week or month or month. In general, periodic leases are preferred by landlords who want a shorter term tenancy or one that can be ended more easily
If you have a fixed term tenancy, a proper free residential lease agreement must state the exact starting and ending date. The time period of a fixed term lease is usually 6 months or more.
2. How You will Handle Your Tenant's Security Deposit
Your residential lease agreement should clearly state how much security deposit you will be collecting. Most residential landlords will collect security deposits that is equal to 1 to 2 months of rent.
To prevent any possible protests by your tenant, your lease agreement should also state when you can deduct money from their security deposit. Common reasons for deposit deductions include non-payment of rent and repair bills for property damages.
3. How Rent is Collected and Fees for Late Rent Payments
For a landlord there is nothing more important than your rent. If you have a free residential lease agreement, make sure that your rent amount and collection method (e.g. cash, checks or online) is clearly stated on it.
If you are imposing fees for late rent payments, you have to state how much and under what conditions you will collecting it from your tenant. Most areas will restrict the maximum amount of late fees you are allowed to charge so make sure that your fees are not over limit.
4. Who will be Paying for the Different Property Expenses
While the law will usually decide who pays for some types of bills (for example the landlord has to pay for property maintenance), other expenses such as electricity, water and waste disposal bills have to be clearly stated on your written rental agreement.
5. How Your Residential Lease Agreement Can be Ended
How your lease will end depend heavily on what type of tenancy you have. If you have a periodic lease, your agreement has to clearly state how many days in advance your tenant has to inform you before leaving. The landlord tenant law in most areas requires you to give a written notice to quit at least 30 days in advance.
Your free residential lease agreement should also include the rules and regulation of your tenancy. If your tenant breaks the rules, you will be allowed to evict him according to your local landlord laws.
Author Resource:-
Teo Zhenjie has been showing landlords how to manage their tenants and rental properties effectively on Propertydo http://www.propertydo.com/ - To learn more important tips on free residential lease agreement, visit his website today for step-by-step real estate guides, free resources and forms.
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