Landlord tenant rental agreement - comprehensive checklist

[Mary Joe]

I am new to this. My goal is to generate steady cash flow through rental properties.

Would it be alright for me to start this thread to compile a checklist for things to remember to include in a Landlord-tenant agreement?

Here are some points I have compiled so far, please continue to add to this thread so that we have a more comprehensive list for a solid landlord-tenant lease agreement.

1) renter's insurance - make it mandatory that tenant must have renter's insurance,

2) late fee - a late fee structure for past due rent,

3) credit report - tenant acknowledges that landlord has the right to report delinquencies to the credit bureau. (not sure if this is true or not, I heard people sue because they were not previously advised that late payment will be reported to the credit bureau).

4) lead paint - lead paint disclosure for older buildings.

5) utilities - if for whatever reason tenant is unable to obtain an account under his or her own name for utilities, the lease will be considered null and void. (I read from another board that the utility company refuses to give a new tenant an account because of past due payments from her previous apartment, and the landlord now stuck paying her utilities because of that).

6) a good indemnity form - tenant agrees to notify you immediately if there are any issues with the property, tenant says will not sue you unless gross negligence by you, or you violated laws, plus if they sue and you were not found guilty, tenant will reimburse for all of your court costs, legal fees, etc. Their real purpose is to deter tenants from frivolous law suits against you. (not sure how many tenants will agree to sign this but I guess worth a try)

7) pets - a very well defined pets policy, must have insurance or certificate for the pet, make sure all the shots were taken, obtain name of the veterinarian for references etc. Better yet, I think a no pets policy would be better.

8) late fee and other charges - Unpaid fees, Late fees, & repair charges for tenant damages automatically become rent due under the terms of this lease. Further, any moneys received are applied first to outstanding late fees, damages and other fees and the remainder is applied to the rent. (I read this one from another board also).

9) Pests - tenant must agree to let exterminators service the property at least once a month (pay for by the landlord of course).

10) pests - I haven't found anything about this yet but it would be nice to include an exit clause or something to protect the landlord from tenants using pests as an excuse for withholding rent.

11) overnight guests - this will be hard to discover but the lease agreement should mention that overnight guests should be limited to a fixed number of days per month.

12) photos of property - before letting the tenant move in, the landlord should take photos of the entire property and ask tenant to initial or sign on the photos to confirm that this is the condition of the property when he or she moves in. This will help the landlord in proving damages to the property later on.

13) surveillance camera - for multi family homes or large properties, the tenant should acknowledge on the lease agreement that he is fully aware that the ppty's common areas is under camera surveillance and will not consider this as invasion of privacy.

14) proof of funds - this will not be on the lease agreement, but I would ask for proof of funds to be submitted along with the application form. I would request to see bank statements from the past 3 months showing a balance of at least 9 times the monthly rent. This will be part of the qualification criteria to rent.

15) existing tenants - do background and credit checks before inheriting existing tenants from a ppty you are planning to purchase. Also ask existing owner to show proof of ontime rental payments before closing on the ppty.

16) occupancy number - how to enforce so that tenants do not turn the ppty into a roaming house ?

17) direct deposit - put in lease agreement that rent will be paid by direct deposit for the monthly.

18) monthly or quarterly inspection or maintenance visit - put in lease agreement that the tenant agress to have the landlord or landlord representation visit the ppty to see if anything needs to be repaired or upgraded, also a good opportunity to check if the premises are well maintained and have not exceeded the occupancy limit.

19) Eviction - Put in the lease that eviction will be filed by the 5th of the month if rent is not paid.

This is what I have compiled now after reading the posts, please feel free to add anything that is worth including in the lease or rental agreement. Much appreciated.