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Step 1
Rental agreement should consist the name of landlords and tenant, the property address, the date when the lease begin and end, prorated rent for the first month if the lease start other than the first of the month.
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Step 2
Rental agreement should state the monthly rental fee, the due date of the monthly rent, late charge, returned checks fee, and where the payment need to be mailed.
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Step 3
If tenant failure to pay rent, thus tenant default under the rental agreement and landlord may terminate the lease and can take possession of the property.
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Step 4
Rental agreement should mention about security deposit held by Landlord or property manager (at least about one month rent) to insure the cost of repair for any property damage by tenant, tenant guests or pets.
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Step 5
There are many more legal things need to mention on rental agreement such as uses of the property, tenant must abide the rules and regulation of association, utilities payment, fixtures and appliances, tenant obligations, insurance, requirements, transfer of landlord, check-in and check-out inspection, etc.
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Step 6
Landlord can consult with lawyer to draw rental agreement or landlord can also use the standard rental agreement form and just fill in the blank. If landlord uses property Management Company or real estate agent to rent out properties, they usually have the company standard form to use, make sure to read the rental agreement before signing it.
Comments
trvlarrngr said
on 8/6/2009 Great tips on writing a rental agreement. It is important to put things in writing. 5 stars
fraph said
on 8/4/2009 5 Star and recommended!
ynohtna said
on 7/20/2009 Thanks for advice Great article 5*
crazycatlady said
on 7/7/2009 Good points. Remember that if you get a form online, go through it in detail, make sure you understand it, and make sure to personalize it to cover your own needs. Great step 5. If you have access to a lawyer, use it!
Delaplane said
on 5/14/2009 Great advice!!! An article all landlords should read.