and up-to-date.
If you use or have access to property management software, you can check to see if there are state-specific lease agreements built into the software program. If you’re already paying for the software, this could be the most economical option. Again, ensure the lease is state-specific, up-to-date, and not a copycat.
25 ITEMS EVERY LEASE SHOULD HAVE
Here’s a list of 25 items that every lease should contain:
1. Monthly rent due
The first thing you’ll want to detail inside the lease is the monthly rent that’s due. How much will the tenant owe you every single month for the rent? Determine this amount. 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. Consult your attorney for guidance.
2. Instructions on 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, every month. The date should be the same date every month to avoid confusion, even if the date falls on the weekend some months.
46
Powered by FlippingBook