The lease is often the most important piece of writing for both the landlord and the renter. It provides safeguards for both parties, lays out the terms of the agreement, and ensures that everyone is on the same page. For that same reason, rewriting a lease title can be extremely stressful for a landlord, because they have to make sure that it is airtight and addresses every single aspect the landlord might need. Here are a few Dos and Don’ts for rewriting your lease.
- Know the law: laws vary from state to state, so make sure that you are extremely well-acquainted with your state’s rental laws.
- Clearly state the Rent Payment Agreement: make the amount, due date, and any applicable late fees clear and explicit. This is not something you want the renter to be able to negotiate after the contract has been signed.
- Hire a real estate lawyer or a project management company, such as Keyrenter Property Management, to review your lease and ensure that it complies with state law and that there are no loopholes.
- Add applicable clauses: use a severability clause to ensure that the whole contract won’t be voided if there is a violation of any part of the contract. Add joint and several liability clauses to ensure that you will be paid, even if one roommate fails to pay their share of the rent. Specify whether you will allow subletting, pets, and what applicable fees there might be.
- Accept a verbal agreement: always get any changes to the lease agreement in writing. Though verbal agreements are binding, they’re difficult to prove in court.
- Use ambiguous language: when rewriting a lease title, use language that will be easily understood by everyone involved.
- Sign the lease title first: The tenant should sign first, because once the landlord signs, they are legally obligated to the terms of the contract, and if the tenant doesn’t sign, they aren’t given the leeway to find other potential renters.
Rewriting a lease title can be tricky and involves more than a little attention to detail. No matter how boring it might be, you must make sure that your lease title outlines every part of your rental agreement. For help drafting your lease title, or to learn more about maximizing your profit, minimizing your maintenance costs, and avoiding evictions, contact us at Keyrenter Property Management today.