25 ITEMS EVERY LEASE SHOULD HAVE
No matter where you get your lease, it’s absolutely imperative that it has the following items below. As always, be sure to talk with an attorney for guidance.
1. Monthly Rent Due
The first detail to include in the lease is the monthly rent that’s due. You’ll need to take some time to figure out a fair amount for both yourself and for your tenants, using your mortgage payment plus a percentage on top as a baseline.
2. Instructions for How the Tenant Should Pay
Next, have exact instructions on how the tenant should pay you their rent. If they’re going to be mailing you a check, give them the exact address. Don’t allow them to make up excuses for why the rent is late because they don’t have the right address (or claim that they don’t) to send the payment to you. You might also want to include online options to make it as easy as possible for tenants to pay you.
3. Rent Due Date
Include a clause on the exact due date for the rent. The date should be the same date every month to avoid confusion — even if the date falls on the weekend some months.
4. Late Fees and Penalties
If you don’t have any late fees or any penalties for unpaid rent or rent paid late, then it’s going to be hard to enforce payment on time. You need to ensure your late fees and penalties are clearly stated in the lease.
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