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.
Continue Reading »

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.
Continue Reading »