The Importance of Rental Agreements

Tuesday, October 2, 2018

Are you planning on renting your Las Vegas home? If so, one of the first things that you must do before renting that property is to have a well-written rental agreement in place.

A rental agreement lays the framework for what the landlord expects of the tenant while they are living in their rental property including things like:

  • When rent is due.
  • Who is responsible for paying utilities?
  • Late charges.
  • Names of all tenants living in the rental.
  • If pets are allowed.
  • Twitch date and end date of lease agreement.

Every question that you think your tenant might ask you while they are living in your rental property should be addressed in the rental agreement because this is the best way to ensure that you enjoy a stress-free relationship with them.

Online Rental Agreements Don’t Always Work for Everyone

As a landlord, one of the most important things that you shouldn’t do is print a generic rental agreement from the internet because what works for one landlord may not work for others.

The best way to ensure that you have a great rental agreement that’s been created specifically for your rental property is to have your rental agreement viewed by your attorney that way they can make sure that the rental agreement specifically suits all of your needs.

Tips for Creating An “Air Tight” Rental Agreement

1. Know the law. Each state (and a number of cities) has different laws regarding the management of property, and rights of landlords and tenants. Familiarize yourself with these laws before writing your lease agreement. This will assist you in knowing exactly what you can and cannot put into an agreement.

2. Make it clear. Confusing terms and a poorly written agreement can be misinterpreted, and may not hold up in court. Put your stipulations in easy-to-understand terminology, and explain anything that might be misconstrued.

3. Provide confirmation of the condition of the unit. The lease should recite that the unit being leased is in good condition without damage or problems.

4. Pet policy. Specify if you allow your tenants to have pets and if there are any restrictions. If you only allow a certain type of size of the animal, state it here. Many landlords have an absolute prohibition on pets.

5. Right of entry. Each state requires a specific amount of notice before a landlord may legally enter a rented dwelling. The normal amount of time is 24 hours, but some states require 48 or 72 hours’ notice. Check the laws in your state before including this in the agreement.

6. Spell out what will happen to the security deposit. If you require your tenants to pay a deposit against damages, you’ll need to specifically state what is considered “damage” to the dwelling.

7. Clearly state the amount of rent and deposits. Include the amount you will be charging for rent and any deposit amounts in your rental agreement. State when the rent is due and when it is considered late. This will help prevent misunderstandings and give you legal recourse if the tenant is continually late.

8. Repairs and what you will and will not cover. As a landlord, it is your responsibility to provide repairs for fixtures, heating and cooling equipment, and included appliances. However, in the lease, you can designate certain maintenance responsibilities on the part of the tenant. You can also hold the tenant responsible for repairs needed due to his or her negligence or wrongful acts.

9. Activity restrictions. If you have a code of conduct, include it in your rental agreement. For example, if you do not allow loud music after a certain time or have other restrictions, add them to your rental agreement. This will provide your tenants with a clear idea of what they cannot do, and will protect your interests, should a tenant fail to follow your rules.

10. State what will happen if the lease agreement is breached by the tenant. For example, if the tenant breaks the code of conduct or does not pay his or her rent on time, you can state that the landlord will have the right to terminate the lease and evict the tenant.

A Rental Agreement Will Help You Make More Money

Don’t forget that the purpose of your rental property is to make money.

With your rental agreement, you can have confidence that your tenant will pay you rent on time each month and anything that might get in the way of you making money from your rental property each month will become a thing of the past.

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