How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place. Back in the day, when most of the emphasis was not on legal issues, courts and tribunals, there could be verbal and oral agreements and that would be enough. A man’s word was as good as it got, and that would be the end of it. Nowadays however, this is not enough and in order for the landlord tenant relationship to work, one would have to take the legal issues seriously. The agreement or contract that binds a landlord and his/her tenant together in a legal responsibility to act the process out is what you would call a “lease agreement”.

There are many ways to go ahead and draft a lease agreement. There are also many legal officials at your disposal to aid you with the process. The only issue with such professionals is that they will do all the work, and only a handpicked few will actually explain what your lease agreement has written within it. You can however, go to a legal professional that you trust and allow him/her to draft the lease agreement and then explain it to you and your potential tenant, so that both of you know what is to be expected once both enter the agreement. One should realize that the lease agreement is extremely important simply because there are many clauses in it, that are both important for the landlord and the tenant. If you feel that you cannot find a suitable person who can draft a lease agreement for you then you can alternatively draft one yourself.

The procedure for that is very simple, all you have to do is make yourself familiar with a few steps and instructions and be clear about what and what not to have in a lease agreement. A lease agreement should for example, have the all the clarified clauses that make the document legally acceptable, and a referenced addition of the house rules so that you tenant is clear about what he/she can and cannot do within the home. When you draft a lease, it is also important because you have the power, as a landlord to strengthen your case should the tenant violate any clause or part of the agreement.

To know how to create the lease agreement yourself, follow the instructions. Firstly, you need to make sure between whom the agreement is being made. You should specify the name of the tenant and your own and if any property management company is involved then they should also be included. Secondly, you should include the address of the rental space as well. The address should the house number, city, state and the formal zip code. Thirdly, make sure you specify the precise date upon which the lease agreement becomes valid, and the precise date upon which it is scheduled to end. Within this point, also be sure to give a mention to the security deposit, and if it will be given back and what terms and condition apply, before the potential tenants gets this formal refund.

Next comes the part where you specify the amount of rent the tenant will have to pay. This is an important part of the lease agreement and you should also include the due date. What will be considered a late payment and the late fee should be mentioned. In the end, also state if the landlord has the right to evict the tenant when he wishes.
Posted on Aug 01, 2012


The Landlord Tenant Board: What it is and When it is Needed

Many times, there are issues between a landlord and a tenant that need to be resolved but are failed to do so, because both parties have gone too far with their actions, and have retaliated in the... More

How to Create a Residential Lease Agreement

Where there is a landlord, there will also be a tenant, and it is no surprise that these two parties can only work together once there is some sort of agreement, contract or a binding deal in place.... More

The Best Sites for Rental and Lease Agreement Templates

Many landlords find it difficult to write and draft a lease agreement. Since every State has its own general template, it can also be difficult to make sure your lease agreement meets all the criteria... More

The Best Landlord Associations for Landlords to Join

If you’re a landlord and want to manage your business in a better way, you should endeavor to get in touch with those industry experts who have the experience and the skills to help you do it. This is... More

Unpaid Rent

When you talk about the most common disputes arising between landlords and tenants, nonpayment of rent has to be there in the list. People rent their properties to earn money, and when a tenant... More

Section 8 Landlord Pros and Cons

If you have ever rented a living space and have had to move many times, you’d already know how difficult it is to find decent, affordable and secure living premises. A person has to deal with the same... More

Landlord Inspection Checklist: Rights, Letters, and Reports

Landlords across the state have the prime responsibility to make sure they inspect and up keep their property once they have rented it to the tenants. Inspections can occur monthly or yearly depending... More

Landlord Maintenance Costs and Responsibilities

Everyone knows that a landlord’s job is not easy. These folks have specific duties and responsibilities that they must perform in order to be fair. Being a landlord is not a position but it is, in... More

When to Withhold Tenant Security Deposit

Asking for a security deposit is quite common in property dealings. The reason to ask for a security deposit is to have something that would help a property owner recover some of their financial... More

How to Report Bad Tenants

Bad tenants are the worst-case scenario for any landlord; no one wants them, and if someone has them, they want them out in any way possible. There are times when landlords try as much as they can to... More