Lease must haves and lease clauses for new tenants

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Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
3y
Quote from @Sterling Stroud:

What in my lease should I make sure to have that might not be in generic leases? 

Leases are town/city specific. If you are creating a lease agreement, include your local eviction attorney in designing it.
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  • Account Closed
    Investor · Scottsdale Austin Tuktoyaktuk · Member since 2021 · 4k+ posts · 4k+ votes
    3y
    Quote from @Sterling Stroud:

    What in my lease should I make sure to have that might not be in generic leases? 

    Leases are town/city specific. If you are creating a lease agreement, include your local eviction attorney in designing it.
    1Reply
  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    3y
    Quote from @Sterling Stroud:

    What in my lease should I make sure to have that might not be in generic leases? 


    Leases require knowledge of the law and experience as the Landlord. I could give you a lot of ideas, but they may not match your laws and you may not have the experience/policies to enforce them.

    My recommendation is that you purchase the BiggerPockets Lease Agreement Package under Tools. It's written by and for investors and is attorney approved for each state. Use it for a few years and adjust it as needed.

    The DIY Landlord Book4.7247 Reviews
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  • Greg M.
    Rental Property Investor · Los Angeles, CA · Member since 2017 · 2k+ posts · 5k+ votes
    3y

    Do you prorate rent?

    What does rent increase to if there is a holdover tenancy?

    Do you require renters insurance?

    What order do you apply payments (i.e. fines first, rent second...)

    What is required for lease to officially start (i.e. deposit, utilities in tenants name, proof of insurance...)?

    What can you deduct from the security deposit?

    Smoking allowed?

    Late fees or returned check fees?

    Pets allowed?

    Who is responsible for consumables like changing lights and filters?

    When can you enter unit?

    Who is responsible for pests?

    Who handles yardwork and snow removal?

    Who can access unit / remove belongings if tenant becomes incapacitated/dies?

    Who pays attorney fees or legal costs if we have to go to court?

    If tenants have to temporarily vacate due to issue, what happens (reduced rent, you pay for hotel...).

    There should also be a place for tenants to initial that the premises was in good condition and working order when they received the unit. 

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