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:
Using a lease agreement saves you the hassle and cost of having to consult a real estate attorney. These pre-written, pre-formatted agreements are customized to your particular jurisdiction. That means not having to address special regulations and laws governing your specific locality. In many states, laws can vary within different counties or even cities. Using a lease template eliminates the need for writing a lease agreement that is compliant in your area.
All responsibilities of each party are clearly delineated. If a tenant breaks the provisions set forth in your template lease agreement, you have written, signed proof of their responsibilities.
The cost of a template lease agreement is far less than the cost of one produced by an attorney or real estate management company. These documents are available at all times, unlike those sold in office supply stores. Moreover, they are easy to send from one party to another. That can save a property owner the cost and time of meeting renters.
Template lease agreements are also convenient for all parties involved. Rather than shuffling through rental laws in your area, these documents have all you need. You can download them when and where needed. You will not have to dedicate a whole drawer in a file cabinet just to store lease agreements. Why write a lease from scratch? It is likely that not all the pertinent information will be remembered and included. A lease agreement template will save you time by enabling you to avoid the need to add an addendum for forgotten or overlooked details.
Though template lease agreements contain all the framework, they are fully customizable. These documents can be reused for different properties or used in the future because they are modular. You can add or change names, add or change addresses, add or change the lease term and add or change the monthly lease payment. You can also modify the security deposits and other specifics within the document.
To protect your property and your financial interests as an owner, a lease agreement template is the best and safest way to lease or rent a residential or commercial space. It will not only save you time and money, it will be your lifeline in the unfortunate event that legal action needs to be taken.
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