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The Basics of Lease Agreements

You should have an agreement between you and your tenant agreeing on the terms of their stay before renting out your property. It’s necessary that your tenants sign the rental agreement before you rent your property out. At some point you’ll have a tenant who turns out to be a headache and therefore having agreed beforehand on terms of his stay will help you in dealing with them. Not only is the landlord protected but the tenant as well. A lease agreement shows that you as the landlord is willing to have a positive tenant-landlord relationship. When it comes to the rental agreement itself, you need to include some basic things to make the document actually viable. There are many lease agreement available on the internet, it’s however important to ensure that it contains all the necessary basics. Below are the basic things that need to be included in a lease agreement.

Include the parties of the agreement. The people who the agreement is between must be stated I the lease agreement. The landlord and tenant are the parties in a rental lease agreement. Their names should be included in the rental agreement. Clearly, state who is the tenant and who is the landlord to ensure that the terms apply to them. This ensures that the terms of the agreement between the tenant and landlord apply to them as they are now a tenant. Where the property is located should be included in the lease document. The name of the building and house number need to be included. The location of the building can be identified by including the street name and postal code on the lease agreement.

The term of the lease should be included. The lease term is the length of the lease. Most long-term lease arrangements are usually a year. You could also have a month to month lease agreement. It’s important that the period through which the lease agreement is valid is included. This is done by stating the date when the lease starts and when the date when it ends. State the specific dates rather than the period through which the lease is valid. The period that your lease ends should be seasonable. This ensures you get a tenant quickly. The amount the tenant needs to pay for the lease should be included. Divide the yearly lease to monthly allotments.

The contract thereafter should be made binding. If the contract is not signed by the tenant and the landlord it is worthless. This terms will help you establish a good relationship between you and your tenant.

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