The Important of a Lease Agreement When Leasing a Property By: Bostonapartments.com Signing a lease is one of the most important steps in renting out a property. This protects you from any financial burden that may occur. If you fail to have a proper lease agreement, you may even end up as far as giving up your rental investment. Thus, as a landlord, you have to protect yourself and your property by having a lease agreement. Renting has a specified length of time. A lease agreement determines this time as well as the terms of the lease the tenant and the landlords have agreed upon. The lease agreement also
1. Determine Rent Details Stating the rental fee explicitly will avoid confusion and helps the tenant determine if the property is within the range of their budget or
not. It's also good to have a specific time for due dates on rentals, so there will be no delays in payment, and the tenant will have properly prepared their finances for each monthly term. If you have difficulty drafting an agreement, online resources, like iPropertyManagement, can help you.
helps set who's going to be responsible for
2. Clarify Who's Responsible For Repairs
certain events and answers many questions
Repairs of the house may happen. If a lightbulb
during the rental term. It's always a good idea
is busted, usually, it'll be the tenant who'll take
to review the lease agreement with tenants so
care of it. However, for major issues, like
they won't have to come back to you if they
broken doors and windows, which is already
have questions.
part of the physical property, it should be
The following are just some of the importance
specifically stated who'll do the maintenance of
of a lease agreement when leasing a property:
major repairs.
24 / The Legal Corner
