How to Draw Up a Lease Agreement
A well-written lease agreement is integral to a smooth rental experience. The lease agreement informs each party of his rights and responsibilities, and ensures that there is evidence of the agreement in case legal action is necessary. A lessor should take care to make sure the lease agreement protects her interests, as well as those of the lessee. The lessor should seek the help of an attorney when necessary to make sure the lease is ironclad.
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Instructions
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Familiarize yourself with your state's laws regarding lease agreements. Every state has different laws regarding the management of property, and the rights of landlords and tenants. It is important to know what you can and cannot include in a lease agreement before writing it.
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Identify the names of the property owner and the tenant(s), as well as the unit being leased. The address, apartment number or any identifying information should be included in the lease. Additionally, include information on the condition of the unit (i.e., good condition, damages or problems).
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Specify the lease period. Include the exact dates the lease begins and terminates, as well as the rental period (i.e., one year, six months, 30 days, etc.).
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Include the rental amount, who it should be paid to, the date it is due and the date it is late. Additionally, include details about penalties for late payment.
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Include information about the security deposit. This should include: whether a deposit is required; the amount of the deposit; conditions for refund of the deposit; and the method of returning the deposit.
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Include the circumstances under which the landlord can enter the property. State law requires a specific amount of notice before a landlord legally can enter a rented property.
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Specify the repairs that you will and will not cover. Generally, a landlord is responsible for providing repairs to fixtures, heating and cooling equipment, and required appliances. However, the landlord can delegate certain maintenance responsibilities to the tenant. Additionally, the landlord can hold the tenant responsible for repairs due to his negligence or wrongful acts.
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Include the types of penalties that might be sought if the lease is breached. Penalties can include termination of the lease, fees and other available legal remedies. Additionally, include circumstances in which either the tenant or landlord can terminate the lease.
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Tips & Warnings
Write the lease in clear terms. It should be easy to understand so that all parties involved are aware of their rights and responsibilities.
Have an attorney review the final draft of the lease agreement.
References
Resources
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