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If you're a property investor looking to rent to tenants, it requires ironclad contracts and thorough business practices. Putting together a lease protects all parties and sets the tone for the rental agreement.
High Point has a population of approximately 115,000 people and is surrounded by burgeoning cities like Greensboro and Winston-Salem. You need to learn to handle leases for a potential tenant population of this size, whether you specialize in short-term or long-term rentals.
So, what details should be included in the lease?
The tips below are useful in answering your pressing lease agreement rental house questions.
The Length of the Lease
Start by clearly outlining the exact length of the lease. Include the least start date and the date that the lease ends.
You'll have different length terms for a vacation home than you would for a typical full-time resident lease. Most long-term tenants are accustomed to an annual agreement with 12-month leases. From here, you'd either handle a lease renewal of another year or allow it to go month-to-month.
Having a written lease agreement takes out any ambiguity.
Amount of Monthly Rent and Fees
Since the lease is a legally-binding contract, make sure to include the exact amount that tenants will pay in rent. This can include municipal fees and any other fees that are attached to the rent amount.
Get this in writing so that your tenants know exactly how much is due each month or for the duration of their short-term rental.
Names and Parties
Make sure that you include the names of all tenants and parties that are signing the lease. It's a legally-binding contract, so it's important to outline these details.
These are the parties that would go to court as plaintiff and defendant if any action is filed. It also allows transparency, so that the tenant knows which company oversees the property.
Clauses Related to Ground Rules
There are always individual ground rules at play in house rentals. This can include things like which parties are responsible for certain types of maintenance and care, whether the tenant or property is responsible for the utilities, and how they should use certain amenities.
For instance, if the property has a pool, parking, or other amenities, it's wise to set ground rules. This establishes the responsibility of the tenant and can protect the property owner from liabilities.
Your ground rules can also include things like noise violations, the number of guests a person can have, smoking, and any number of other relevant details.
Lease Agreement Rental House, Explained
These tips will help when you're creating a lease agreement for rental house tenants. Outlining these variables in a rental lease will help you take care of your property and tenants.
Crafting a lease lets you do sound business and protect yourself in the process.
PMI Marathon has you covered when you need help drafting a lease, managing a property, and otherwise taking care of your tenants. For further information, send us your questions or call us at (336)525-0050.
