Investing in residential real estate can be a lucrative practice in Southern Florida, but the process is not without risks. Real estate owners who offer their properties for rent to residential tenants can suffer significant losses if their tenants take advantage of opportunities to miss paying rent, breaking lease terms, and engaging in other detrimental practices. In order to avoid these renting pitfalls, property owners can prepare themselves with strong lease contracts.
A lease contract is the agreement that a landlord and their tenants sign that dictates the terms of their agreement. Basic lease contract terms may include but are not limited to the duration of the lease, the price and timing of rent payments, and names of the parties who will occupy the rented space. If a lease contract only contained these general terms, a property owner may be exposed to a variety of harmful tenant actions.
For example, without terms that cover damages to a rented space, a tenant could leave their rental with structural harm that could cost an owner substantial money to fix. Additionally, without provisions that explain if or how subleasing is allowed, a property owner may find that a stranger is living in their rental without their knowledge or consent.
Basic lease contracts and rental agreements may cover the essential terms a property owner needs in an arrangement with their tenants. However, all lease contracts should address the specific and necessary provisions that individual property owners require to be secure and protected in their rental property relationships. Attorneys who practice residential real estate law can offer such services to those that are in need of help; readers of this post are asked to seek legal guidance with their concerns as this post does not provide legal guidance.