A lease is a legally enforceable long-term agreement. It defines the landlord-tenant relationship for its entire duration and provides direction in case of a dispute. A well-drafted contract will help you avoid trouble as a landlord.
Details matter, and every clause in a lease agreement is crucial. Therefore, you should ensure you craft it in a way that does not leave out any loopholes that could spell trouble in the end. Here are some of the things you should never leave out.
The responsibilities of the tenants
Tenants have obligations and responsibilities they are supposed to abide by. You should outline them in the agreement.
The lease should also state the amount of rent when it’s due and the acceptable modes of payment to avoid any back and forth. Additionally, you need to specify what happens to the security deposits when the lease ends.
Maintenance and repairs
While landlords are supposed to keep their premises in habitable conditions, many disputes arise when it comes to carrying out repairs. Who selects the contractors and receives the quotation? Who foots the bill? When is a tenant answerable? You can avoid such issues by having relevant clauses covering this per applicable laws.
Restrictions on the use of the property
Also vital are clauses that state the use of a property. For instance, you do not want a business running in your rental apartments. Other policies you may have, such as no pets, issues with subletting or restricting the number of tenants, should all be part of the lease agreement to avoid any gray areas.
Every lease is different, and other vital clauses are necessary for a comprehensive agreement. Creating a foolproof document can be overwhelming. However, you ought to get everything right from the beginning and protect your interests. It may help you avoid the hassles of court dates or unending conflict with your tenants.