Taking pay in full in advance

[Jon Thompson]

Hello BP. I had potential tenants come through this week that are building a house nearby and requested a shorter term on their lease. At first I declined as I don't feel like screening and going through the whole process more often than necessary. I was also hoping to get someone that may stay more than a year.

Anyways, the tenant said they like the house (it is one of the only single family rentals in town) and asked if I would discount the years rent if they paid up front. I said to let me think overnight on it.

I ended up offering a ten month lease, rather than discounting my monthly rents. I will get my regular 1450/month plus 1450 security up front. The reason I did this is that my rental is in a town with the top rated schools in the county, and I would like my move in date to be earlier in the year in case I get a family aiming for this school district next year. Saved my new tenants 2900 bucks as well (the two additional months rent I took off) which is a lot better than the 50 bucks per month I was originally thinking of discounting on a twelve month lease. Plus, keeps my move in date mid-summer next year, so no trudging through snow, etc. May get lucky and have them leave early as well.

My question is, I only have standard, one year leases in my possession. I need something for them to sign that is legally binding and covers my butt! Any clue where I could get that?