Lease Agreement Template Resources and Rental Tips

Landlords have a genuine opportunity to make a significant income from rental investment property. Investing in a rental house or apartment unit to lease to tenants can provide an on-going, steady source of income and the landlord will also have the benefit of having property assets that can increase in value over the years. Because the landlord’s income flow is dependent upon the property being maintained and taken care of, it is important for the landlord to use a lease agreement template and include a security deposit in the lease.

What is the Purpose of a Security Deposit?

A security deposit protects the landlord in the effect that if property is damaged in the rental home, the deposit can help to offset the cost of repairing the damage. In addition to this, a security deposit also is a guarantee the landlord receives rent if the tenant leaves the rental agreement without the agreed upon notice. If the tenant skips out and does not pay the last month’s rent, the landlord can keep the security deposit. If the tenant fulfills the lease agreement template, gives proper notice of moving out, and leaves the home in good condition, the landlord refunds the deposit. A lease agreement template can provide a professional contract form to include the amount and conditions of the security deposit.
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It is wise for landlords to have a lease agreement template in order to readily produce commercial lease contracts. A commercial lease agreement is a binding written document that expresses the contract between a property owner and tenant. Included in the lease agreement are the conditions, obligations and regulations that both the owner and tenant are to abide by. The lease template will need to be modified for each contract; especially is the there are varying amounts of rent obligations and clauses specific to the agreement.

Commercial lease agreements outline the specifics of the property rental contract and are difficult to have in standard form. A lease template acts as the skeleton and will streamline the process of preparing a lease by including standard information. The property owner’s information should be included in the lease agreement template because that information is consistent. Once both the tenant and owner or owner representative signs the lease agreement, the contract becomes legally binding.

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Subleasing provides benefits beyond traditional roommate situations. In subleasing, the original tenant rents a room or space in the home to a subleasing tenant. By renting a subleased room and sharing living costs, both parties save money. Subleasing space such as an attic, garage or parking space offers affordable space to the subleasing tenant and allows the original tenant to make money. When subleasing, the original tenant could also indulge his or her desire for travel and wanderlust, spends a semester studying abroad, participate in an internship in another state or return home for a few weeks in order to visit family. Subleasing provides a livable room or rental space for the subleasing tenant and allows the original tenant to keep the apartment with a great location or affordable rent despite periods of extended travel.

Things to Consider Before Writing the Lease Agreement Template

Before subleasing, determine if the original lease allows subleasing. Contact the property manager to explain the reason for subleasing and receive permission. He or she may wish to assess the subleasing tenant before granting permission. The original tenant should investigate the character and financial history of the subleasing tenant. Perform a credit check and verify employment to ensure the subleasing tenant can afford to pay the rent. Because the original tenant remains responsible for damages to the room or rental space, ensure the subleasing tenant will treat the property with respect and willingly pay for any accidental or intentional damages.
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Landlords must follow certain guidelines when preparing leases. This ensures that the lease agreement template is valid and binding. Although state laws may vary as to details, there are many general guidelines that landlords must follow if they want to set up a valid lease agreement.

Written Leases Only

In most states, leases must be in writing to be valid. Oral leases and agreements are difficult to enforce because there’s no evidence of what the actual agreement was, and misunderstandings can occur because both parties had a different interpretation of the terms of the agreement. For example, if you and your tenant have a verbal agreement about the day he is to pay his rent and he doesn’t pay on the first day of the month because he thought the agreement was that he has until the 15th of each month, it’s difficult to evict him. Get all important facets of the lease in writing to protect yourself against problems resulting from these types of misunderstandings.
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While property management takes business expertise, personal skills are just as important. The best landlords know how to combine both by incorporating the following principles.

Preparing the Lease Agreement

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Homeowners and property investors allowing renters to take possession of real property should protect themselves with a lease agreement. Though the law does recognize oral contracts, written contracts are preferred. While oral contracts are legally binding, only third-party witnessed oral contracts can be proven in a court of law. This means without a written agreement, it is often the word one party against another.

There are several reasons to use a lease agreement template. With a professionally drafted template a property owner has the following benefits:
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Previously we’ve covered the basic items to include in a lease agreement template. These standard items include the tenant’s rights, the length of the lease agreement, as well as the monthly rental price of the unit. In many cases, the basics are all you need to successfully begin a landlord-tenant relationship. However, as a landlord you may wish to include several optional items in your lease agreement to better protect yourself from a potentially costly tenant.

Pest Control

Pest control can place a burden on your budget as a landlord. Therefore, it is to your benefit to include terms within the lease agreement template that stipulate that the tenant is responsible for any required pest control services. Prior to renting the apartment to your new tenants, hire a pest control company to perform an examination of the apartment in order to ensure that the premise is free from any pest infestations. Therefore, in your agreement you can outline that the apartment has been examined by a professional and deemed pest-free. Should any pest infestations occur while the tenant is residing in the unit, the tenant is responsible for payment of pest services.
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Leasing a property is more than just finding a tenant and then collecting rent. There needs to be a solid lease agreement that is agreed to by both parties. Failure to have a lease can make it harder for a landlord to pursue damages against a tenant, or for a tenant to pursue their rights against a landlord. With that said, what should be included in a lease agreement template?

Name And Contact Information Of All Tenants

As a landlord, you need to know who is renting your property and how to get in touch with them. If there is a problem with the premises, or a tenant fails to pay rent, you need to make sure you can get in touch with that tenant. If anything were to happen, and there was no communication, it could lead to problems down the road for all parties.
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In the past it was always considered wiser to purchase rather than lease a property. However in today’s fluctuating real estate market, that is no longer always the case. Some buyers would rather rent for awhile to check out the neighborhood and make sure that it fits their lifestyle. Others prefer to save themselves the hassle of dealing with home maintenance by letting their landlords take care of everything. Whatever the reason, as a landlord, it’s good to know what to expect when you are preparing to lease property. That’s why it’s a good idea to use a lease agreement template.  Here are some examples of different lease templates you might use along with when and why to use them.

Apartment

A lease agreement template for an apartment should include the following fields:

• Names of landlord and tenant
• Address of apartment
• Security deposit
• Amount and due date of rent
• Term of lease
• Right to enter

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