Tip #127: Up to Standards?
While preprinted rental lease forms can be a good start towards a solid lease agreement, if you want to be protected, you’ll need to finish the job:
Make sure to fill in all the blanks of the lease form based on your specific situation. For instance, if you want to charge interest on overdue rent, list the highest figure allowed by your local laws. Don’t leave it blank. A judge cannot fill it in for you later.
Read the whole thing through to make certain there’s nothing in there that violates your local landlord tenant laws. If you’re not sure about the local laws, have an attorney review it.
Arm the lease with the weapons you need to get a bad tenant out when you need to and spell out all of your rules.
Don’t inadvertently add in concessions that you don’t need. If your state allows 60 days to return a deposit, don’t offer to return it in 45 just because that’s what your standard lease says.
See last weeks Landlord Quick Tip.
American Apartment Owners Association offers discounts on products and services for landlords related to your rental housing investment, including rental forms, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.