Contracts to lease a property are flexible legal documents that property owners draft in a way that satisfies their unique needs and concerns for their property. However, there are certain essentials that your leasing agreement should include to avoid the possibility of legal trouble later down the line. These essentials for your leasing agreement include:
A sufficient description of the leased property
A thorough yet simple description of your property is all that’s required. Include the address and unit number at least. You might also want to name the particular apartment or unit that you’re renting to differentiate it from any others you rent.
The term of the lease
You’ll want to clearly describe the term length of the lease. Include exact days, months and years for the dates. Also include an exact time for vacating the property completely of the tenant’s belongings on the last day.
The process for renewal
You may want your tenant to have the option to renew the lease. You should clearly detail how the renewal will occur. You might have a clause that states how much the rent will increase upon renewal. You may want to require the tenant to sign a new contract and notify you in writing of the intent to renew within a certain period of time before the lease ends.
Information about the security deposit and rent
You should state how much is being paid as a security deposit, the procedure for retaining and/or returning the security deposit, the cost of monthly rent, when rent is due and how the rent should be paid.
Other information should also be included in your leasing agreement such as how the apartment may be utilized and how many people are permitted to be in the unit at a specific time. If you have questions about how to create a sound leasing agreement, make sure you learn more about your legal rights and options as soon as possible.