This is a requirement if you don’t want problems down the road. The contract will ensure that all obligations have been met by both parties. A contract can be done at home or with a lawyer if you have a large complex with many tenants. It’s simple and easy to do. You will need to type it and have two copies for each party.
The contract need to be comprehensive and it needs to include all components of the lease. You should not leave anything out either. The contract can be shaped by the landlord and the tenant. It’s negotiable between the two parties. Before you rent out a property you should have the tenant sign a contract. He should keep a copy and you would keep a copy.
You should put the tenant name and your own name on the contract. It should also include the name of the property manager if you have one. All tenants’ names will be on the lease. The lease should describe the nature of the rental property. It should include the term of the lease like monthly or yearly. You will need to include the rent amount and when it’s due. It should include the security deposit and how it will be return to the tenant. The lease should say the consequences if the terms are not met by either party.
The term should include any late fee if rent is not pay on time. It should include rules about doing business at the property. It should include terms of maintenance for the property, what happens at the end of the lease, when the landlord can enter the property and if the tenant has to pay attorney fees and costs in a lawsuit. It should include pets’ regulation and if deposits are needed. It should include terms after the death of the landlord or if property is sold. The laws required that the landlords keep the property in safe living condition.