As a landlord, you want to protect your bottom line. One way to do that is by having a better leasing agreement.
Your tenant may want to negotiate and add more to your lease, but you should know exactly where you stand, your legal rights and responsibilities as a landlord and what you want to get out of this arrangement. Your contract needs to be designed to protect you.
What can you do to build a better leasing agreement?
There are a few different things that you can do to have a better leasing agreement. These include creating a fair lease, creating a lease with plain language and having a customized lease for your tenant.
- Creating a fair lease
The first thing to do is to create a fair lease. If your lease is too one-sided, you’re going to end up having more issues with your tenant. They may argue about specific clauses you’ve added or decide not to sign the least at all. Be fair in your lease, so that the tenant has less to be concerned about.
- Creating a lease with plain language
Next, create a lease with plain language. You want to make sure that both you and your tenant are on the same page and understand the terms of the contract. Some legalese will need to be maintained, but an effective lease is straightforward and easy to understand.
- Customizing your lease
Finally, customize the lease to your tenant’s needs. When you give a tenant a standard, generic lease, they may feel less comfortable with it. It could also be detrimental if you need to make a claim or work on eviction later if you didn’t put your tenant’s name in the lease or make other adaptations. Customization is a good way to show who the contract is for and to be sure that they know it is tailored to them.
These are three tips for a better leasing agreement. You may not be able to avoid all trouble with your tenants, but having a solid lease is a good place to start if you want to prevent lease-related issues in the future.