Landlords need a strong and solid lease agreement in place that will protect their interests as well as their investment property. If you’ve seen some of our other videos you know we have talked about the importance of good tenant screening. Once you have screened a tenant and found someone to move in, it’s also important to have a good lease. There are several factors that go into a lease, and today we are talking about five of them.
It’s very important to make sure that everyone in the property who is 18 or older is on the lease. Every adult occupant must be held responsible to the terms and conditions of the lease. Make sure they all sign it. The more signatures you can get on that lease, the better protected you are.
The lease must clearly outline all the terms and conditions. It should say when the lease commences and what the expected move out date will be, or when the lease will terminate. The rental agreement also needs to identify the security deposit and how it will be held.
Rent Payments and Late Fees
A good rental agreement will explain how much rent is due, when that rent is expected to be paid and how it is to be collected. Tenants need to know what they are responsible for paying and when they are required to pay it. Include information on late fees and make sure everyone responsible for the lease understands their payment obligations.
Other Fees and Conditions
Your lease must include any other fees that will be collected, and under what circumstances those fees would be collected. For example, there might be a fee for an eviction filing and notice.
Pests and Bed Bugs
It’s a good idea for your lease to include language pertaining to pests and bed bugs. We had a situation a few months back where a tenant in an apartment complained of bed bugs. It was a pretty egregious complaint and we knew we needed to handle it appropriately. At the end of the day, the bugs were not our responsibility in this case because they were brought into the home from the outside. However, it was a good reminder to have your lease address these types of situations.
Pay attention to these things, and remember there is a lot more information that goes into a strong rental agreement. If you have any further questions, contact us at Property Solutions of Utah.