Developing the lease agreement

[Kristen Ray]

Hello BP! We are new to REI. We are wondering how you develop your lease? Is there a template you use? Does your lawyer develop the lease? Please share

[Rick Santasiere]

@Kristen Ray.   I would highly suggest creating something more customized than the standard templates so that you are addressing some of the peculiarities you mention. A few years back a few of us in North Central CT got together for a few meals to go over some lease templates and customized leases that we have acquired over the years, and basically took what we liked from each, made some slight modifications, then allowed for some space to modify for each lease. We had this vision of creating a "bullet-proof" lease (which, as we all know is impossible with all the laws and rules regarding landlord/tenant state laws).  The thought was for us to ensure that we covered our interests, all the while knowing that we should have an attorney proof it at the end to ensure it is enforceable with the language we opted to use. Using an attorney makes a lot of sense as well if you decide to go this route, but I wouldn't hire an attorney to create the lease for you (those are some heavy billing hours) Go to some local meet-ups where you can create a small group of people just like you, that have similar goals of creating a lease. The more minds discussing, the easier it is to talk through each section and offer insight from a different perspective.