What Should Be Included in a Lease?
In the creation of your lease, you lay out and detail the rights and responsibilities of all parties involved in the process of renting. This means accountability and protection for you, the property owner, and the tenants themselves. Because of how delicate these transactions can be, ensuring you cover all critical information is extremely important. Because this can be a complicated process, it’s a good idea to call for expert help.
At Coakley Realty, we always want to ensure our clients are getting the best possible services and information! If you want to learn more about what should be included in your lease, give us a call at 301-340-8700 or fill out a contact form today.
Building a Comprehensive Lease
By working with a professional, you can make sure your lease entails:
- All names involved. The name of every tenant of the property should be included for full safety and accountability. This means all legal adults, married or unmarried, should be named on the lease with an accompanied signature. This protects your investment and preserves legal accountability of tenants involved.
- Rights regarding occupancy limits. Avoid the sudden addition of unsigned and undetailed tenants in your space! The lease should include a clear occupancy limit, stating only the occupants signed into the original lease are eligible for tenant status.
- Time frames/tenancy specifics. Is this a rental agreement (month-to-month), or a fixed-term lease? Be sure to specify this, only placing time frame leniency if you wish it.
- Rent specifics. The amount of rent, when rent is due, and how/where it is to be paid should be abundantly clear on your lease. Be sure to also be exceptionally clear on late fees, such as when they become due (specifically!), how much they cost, and the penalties for bounced checks.
- Security deposits. Clearly state the amount of your security deposit, and the full parameters for its return upon the ending of the lease. Include all instances that may void the return of said deposit! Be sure to include pet fees if they apply.
- Terms for accountability. Information regarding pet stipulations, legal activity restrictions, subletting, and more should be detailed at some point in the lease.
- Repair and maintenance accountability. This works both ways. Be sure to clearly state what repairs, upkeep, and maintenance you will handle as the landlord, and what aspects you expect your tenant to handle on a routine basis. Additionally, go over this part in clear detail with your tenants; it’s one of the most common areas of dispute between property owners and renters!
- Rights of access. Clearly outline situations where you will be/are allowed to access the rental property (such as one would for maintenance), and how much notice you will be giving for these visits.
- Terms for lease termination. Situations where the lease might be permanently and legally terminated, such as from failure to pay rent, or to follow other pertinent restrictions detailed in your lease agreement.
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When it comes to making sure every last detail is taken care of as you prepare to move into a new home or space, no one knows your needs quite like Coakley Realty. We can help you through every step of the home buying or selling process, including making sure your lease includes everything it should. Give us a call at 301-340-8700 or fill out a contact form to get in touch with us today.