As a landlord, one of the most important documents you will have is the lease agreement. This document sets out the terms and conditions of the tenancy and protects both you and your tenant.
To ensure that your lease agreement covers all the necessary details, here are 10 essential lease terms every landlord should include.
Names and Contact Information: Include the names and contact information of all tenants and landlords in the lease agreement. This ensures that everyone is on the same page and can easily communicate with each other.
Term of Tenancy: Specify the length of the tenancy, including the start and end date. This will help avoid confusion about when the tenancy will end.
Rent and Payment Details: Clearly outline the rent amount, due date, and acceptable forms of payment. Be sure to include any late fees or penalties for missed payments.
Security Deposit: Detail the amount of the security deposit and the conditions for its return, such as deductions for damages or unpaid rent.
Utilities and Services: Clarify which utilities and services are included in the rent, such as water, electricity, or internet, and which the tenant is responsible for paying.
Maintenance and Repairs: State the landlord’s responsibilities for maintaining the property and the tenant’s responsibilities for reporting damages and keeping the property clean and in good condition.
Subleasing and Roommates: Specify whether subleasing or having roommates is allowed and under what conditions.
Use of Property: Clarify the permissible uses of the property, including any restrictions on running a business or having pets.
Entry and Access: Explain the landlord’s right to enter the property, including the amount of notice required and under what circumstances.
Termination and Renewal: Detail the conditions under which the lease can be terminated early, such as by the landlord or tenant, and the procedures for renewing the lease agreement.
By including essential lease terms in your agreement, you can protect yourself and your tenant, minimize misunderstandings, and ensure a smooth tenancy. As a landlord, a well-written lease agreement is key to a successful and stress-free relationship with your tenant. With PGM Property Management, a full-service brokerage with 16 years of experience, you can trust us to help you create a solid lease agreement that meets your needs.