My tenants have been in place since 2019, and so far, I have been renewing and updating the lease with a 1-page Lease Amendment-Renewal Agreement stating the new term and increased rent amount. For their upcoming renewal, I would like to draw up a brand-new lease and add an updated pet policy so they will know my rules if I give written permission (they have asked us to consider a dog- which current lease says no pets, but considered case-by-case). The property is in PG county Maryland, and I live out of state. Since I've never done a new lease for renewing an existing tenant, I have some questions:
1. Are there disadvantages to creating a new lease for renewing tenants? I'm thinking one might be that it wouldn't show established long-term tenancy in the case that I may want/need to for lending purposes. However, I assume lenders will want to see a professional looking lease rather than a 1-page amendment. Does any of this matter if I need lenders?
2. The original lease was provided by the Real Estate company who listed our place for rent and secured my tenants. For a new lease, I will need to create a state-specific one through some online entity. Do you have any recommendations for one that can be customized with clauses and downloaded- not just sent to tenants online once done? A blank word doc that I can edit, save and send myself would be ideal. I am seeing some online auto-generated that range from $30-$100 - some requiring a membership that includes other services that I don't need right now, and I'm not sure they are all customizable for me to add my own addendums or clauses. What do you use for creating state-specific leases?
3. What should I put in for the security deposit- since they gave it in 2019? I assume I just put the original amount they provided. Do I need to put in the date they gave it, or not?
4. The original lease has addendums (several pages) for Lead Poisoning Prevention Act and Disclosure of Info on Lead-Based Paint and Hazards. I think these are required by my state. I assume I need to obtain and include these again and hope they will generate automatically with whatever online state-specific lease creator I use. Does anyone know where to get these addendums if it isn't provided by a lease creator?
5. I have asked my tenants to confirm their contact info and names of all people living in the house including name and age of their children. When we did our last walkthrough, I suspected they have a roommate. I'm actually not sure if I need to do anything if that turns out to be the case. What are the risks to me if they get a roommate and don't tell me? Are there limits to the amount of people appropriate/allowed for the size of home? Is any of that dictated by my state/county, or is it whatever I'm comfortable with? It's a 4 bedroom home. The original lease shows 5 people, no ages (husband, wife, and either 3 kids (or 2 kids and possibly the roommate- in which case is fine as long as they don't now mention another person).
6. If there's anything else I should consider or make sure to do, please let me know. Thanks in advance!
