Deciding to let others live in your property (like ABA Rental Properties Inc) is a big decision for many property owners. It's important to protect yourself as much as possible by creating a detailed rental contract. Knowing the right items to list on this contractual agreement could make the difference between having a good rental experience and a bad one. The success of your rental business could easily lie in what you put on the rental contract.
One of the most important things to list on your contract includes the details of your payment requirements to avoid conflict with your tenant.
Listed below are items that should be included:
1. The amount of rent that is required to be paid each month.
2. The date the rent payment is due to the landlord.
3. The methods of payment that is acceptable, such as a money order, check or cashier's check.
4. If any late fees will be applicable when the payment happens to arrive to the property owner late.
The key to avoiding problems with the tenant is to be specific when listing the rules for the property.
Listed below are some things you may want to include in your contract:
1. If pets are allowed on the property and if so, do you have a preference for smaller animals?
2. What is the occupancy limit for the rental? Do you only allow the names listed on the contract to live there or do you allow visitors? What is the length of time a visitor can stay?
3. What is the length of the lease?
4. How often the lawn should be mowed and maintained by the tenant?
Notice of entry
As the landlord, you will want to visit the property regularly to ensure it is in good condition. You are legally required to provide the tenant with notice before doing so. How long this notice should be will vary per state, but you should plan on giving at least 24 hours advance notice.
It's ideal to send a letter to your tenant and have this individual sign for it, in the event there is a dispute about a notice being provided.
Finally, you can have less stress by when renting your property by being providing the right details on your contact. Consider consulting with a real estate attorney to review this information to keep your best interest protected at all times.