As a landlord, your tenants are an essential part of your business. When your tenants do not understand their contract, it can make your life stressful.
When you create your lease, there are certain terms that you should include so that tenants know what you expect.
Here are five terms you should include in your lease agreements.
Names of tenants
The lease should include each adult living in the unit. Ultimately, when you have all adults on the lease, it holds all of them responsible for the terms of the lease, including rent.
Occupancy limitations and pets
You want your tenants to feel like their space is their home, but you have to have limitations, too. Your lease agreement should include what rules you have about guests and how many occupants a tenant can have in their space. You should also address your rules regarding pets and what charges can accrue for a pet in the rental space.
Rent
When you include your rent term, it should be clearly marked along with any late fees or penalties you may assess for late payment or a check that does not clear.
Deposits and fees (and which are refundable)
An essential part of your lease agreement is the portion regarding deposits and fees. This should include any application fees and pet deposits. You should also include what costs are refundable and under which conditions the tenant would get a refund, such as a security deposit refunded for a clean apartment at the end of the lease.
Maintenance
Between appliances, plumbing and the HVAC system, something is bound to need repair while your tenant occupies the space. The lease agreement should state your policies for repairs and any damage the tenant causes. Keep in mind that there are some circumstances where your tenant can withhold rent if you do not maintain the property.
Your leases tell both you and the tenant what you can expect from each other. It is essential to include your promises to the tenant as well as your tenant’s promises to you in the lease.