Before a tenant moves into your rental property, there are a number of things you need to do. One of the most important things is the preparation of the lease. This requires your full attention because the lease is the most important line of defense your investment has. You don’t want to download a general lease from an online store and you don’t want to purchase a lease from your local office supply store. You have to take it seriously and make sure it will protect you and your property.
At Cape Shores Property Management, we have professional leases that work very well for us. Instead of going through a standard lease line by line, we will provide you with some quick pointers so you know which items absolutely must be on your lease.
First, make sure all parties over the age of 18 sign the lease. You want them to be recognized as tenants so you don’t have anyone living at the property and not bound to the lease. Every resident needs to sign the lease.
Include language that explains how rent is to be collected. Maybe you want your tenants to pay online, or perhaps they have a few different options when it comes to how they pay. Make sure those options are in the lease, and be specific about how you want to be paid. If you’ll only accept checks or money orders, say that. This prevents any confusion moving forward. Underline or highlight when rent is due and be sure to include information on late fees and when they are applied. This is a good practice to avoid any conflict or excuses in the future.
Your lease should state the terms and conditions under which a rental increase might occur. You should also have something 
in the lease that addresses the landlord’s right to access the property. Include a section on subletting and whether or not renters insurance is required or recommended. The lease must also have information on parking privileges and how the tenant’s security deposit is handled.
These specifics are part of any good and thorough lease. With these key components, you can put together a solid lease that will protect you as well as you property and the tenants. A well-written lease is critical to your success as a landlord.
If you need help getting a lease together, please don’t hesitate to contact us at Cape Shore Property Management. We would be more than happy to assist you.
