How to get a good lease

Question

I am just starting out and I wanted to know a good way to get a lease for my tenants? I've been reading up a lot on what to put into the lease, but you guys just type it up yourself and have attorney review or what? Currently buying a duplex with tenants on one side and I'll live on the other. I will be living in Bloomington, IN.

Andrew Meyer · Answer

I worked on a lease a bit and it seems to work well. It has "Indiana Assist" where there are laws that I have to follow/etc.

What pricing schedule have you been using? And how many units do you use this with? It looks like if you want to edit anything you almost have to use their site and have an active account.

Bill Thompson · Answer

@Andrew Meyer this is a screen shot from the lease wizard for EZlandlord forms.  You will note the "Massachusetts Assist" sections which reference state law.  I think this is a great option for those that want state-specific lease forms.

Peter K. · Answer

Get involved with your local apartment association to learn about stuff like this. Leases are governed by state law and a mistake can be very costly. Here in WI if your lease contains any provision which is prohibited by law the entire lease is void. Using a form drafted by someone not up to date with your laws is just not worth it.   If you don't know where to start it is worth paying an attorney with expertise to help you draft it.  Yes you will spend a couple hundred bucks, but you are not just paying for the lease, you are gaining knowledge about the right way to do things

Bill Thompson · Answer

The provisions of the ezlandlord form lease seemed to be right on point with my understanding of the laws in my state so I decided to rely on them without using an attorney.  In fact, their lease forms call out every instance where a state specific law / regulations is applicable with detailed explanations.

Andrew Meyer · Answer

Sounds like a good idea. Seems their service is pretty comprehensive. Did you take their lease to an attorney still?

Bill Thompson · Answer

I use a service called EZLandlord forms (www.ezlandlordforms.com).  I highly recommend them.  The service supplies leases and other rental forms that conform to the laws in each state.  The forms allow you to easily customize the lease to suite your specific needs.  You do have to pay for the service but if you have more than a couple of leases to manage it's worth it.

Linval T. · Answer

@Andrew Meyer- Congrats on your pending purchase. There are leases on BP.

At the top of your screen go to Resources->REI Resources->Landlord Resources->Forms and Contracts.

Good luck with your REI activities and welcome to the world of landlording.

Joaquin R. · Answer

I use the standard Chicago Lease provided by my association. Try getting in touch with a friend that is a broker or a property management company in your area, they should be able to provide you with one that you can use.