If you are a landlord, it's important to state the terms and conditions regarding the rental property. This can be done with a rental contract or agreement. You can avoid conflict and decrease the possibility of any legal actions from occurring when a contract is drawn up and signed. By putting specific things in your rental agreement, this will make the entire process less stressful for you.
Tenants and Occupants
You will want to have a full name and address of the tenant on the contractual agreement. It is important to also list the number of occupants for the rental property as well. This will help avoid any confusion when it comes to how many people are allowed by you, the landlord, to live in a rental property.
It's critical to list the amount of rent that is due each month and the date you want to have it. Additionally, other things regarding the rent should be clearly identified and these are listed below:
1. The acceptable method of payments, such as checks, money orders or other methods.
2. If any late fees are applicable when the rent is not received on time and if so, what the amount of these fees are.
3. If there will be any charges due because a check bounces.
By communicating all specifics regarding the rental payment between you and the tenant effectively, this may avoid a number of conflicts
It is typically your responsibility to fix any problems that arise with the rental. However, by listing specifics, regarding maintenance concerns, this may alleviate potential issues:
1. The amount of time you have to complete repairs.
2. What items in the rental you are obligated to fix, such as hot water, heat and air and other things required for daily living.
3. A condition that requires the tenant to let you know of any damages to the property that need addressing, such as damage by a storm.
Finally, the most effective way to avoid problems if you are involved in the rental is addressing these with a contract and abide by what it states. By doing so, this may allow you to have a much less stressful situation when renting your property to others. Additionally, consider relying on a property management company, such as ABC Property Managers Inc, to assist you with any questions you may have when it comes to your rental property and what is legally necessary.