Lease Agreement

Have you got a property that you are considering renting out to someone in order to get some extra money flow? A lease agreement is vital between the landlord and the tenants, and will ensure that both parties are in agreement to certain terms of the leasehold. The agreement should be discussed prior to signing to ensure that everyone is clear about their specific roles, and that there will be no conflicting issues arising at a later date. A lease agreement will ensure equanimity between both parties, and is a great start to a long and lasting relationship.

When you first start writing your lease agreement, you will want to consider what you as the landlord would expect from your tenants. You will want to list all the items that are in your home from the start, so that you can easily check to see whether something is missing should the tenants decide to leave. This list should include everything from furniture to kitchenware; and will also list any faults and cracks that are present. This will make it easier for you to see if the tenants have damaged your property in any way.

The lease agreement will also include all the rental terms; such as term time, notice given and any deposit that you require. You may want to list the payment dates, so that your tenants will know when they need to pay. Include any actions you would take if they were to default on the payments, and exactly what you expect from them.

The agreement not only includes what you would expect from the tenants, but also what they can expect from you. Will you be the one to pay for repair jobs, or are the tenants expected to do it? What exactly are your tenants expected to pay for? You will want to list whether water rates and electricity are included, or whether they are expected to pay the bills on their own.

The lease agreement is a vital bit of paper, and you will want to talk it through carefully with your tenants. It is valuable to both parties and will ensure that everyone knows exactly where they stand. The lease agreement is also your protection in case something does go wrong, and is a binding agreement between you and the tenants.