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I am a new landlord who just picked my first tenants-nice young couple, both working, 1 kid, 1 on the way-did credit check, employer verification, etc. Now I need all of you expertise as to what to include in my lease. What are some of the clauses that aren't so obvious and you wish you would have known when you started. This is a one year lease, with tenants maintaining yard, snow, no pets, all utilites except water. Thanks --205.188.192.179 |
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you should have: 1- term of lease 2- amt. of rent charged, how paid, where paid, when paid 3- what happens when they default on lease 4- security deposit rec'd 5- who pays utilities 6- who maintains what 7- trash removal 8- rules on locks, parking, storage, guests, noise, pets, waterbeds and aquariums, using appliances that draw excessive current 9- drug-free housing clause 10- radon clause 11- lead paint clause 12- no harrassment of landlord 13- tenant pays atty fees if landlord wins eviction proceedings 14- tenant hold his own renter's ins. 15- lease not recorded in any public records 16- waiver clause 17- abandonment clause 18- subordination clause 19- severability clause 20- surrender of property clause 21- who pays for excessive cleaning upon termination 22- waiver for order to quit 23- abandoned property 24- renewal terms 25- joint and several clause 26- all tenants' signatures that should get you started. get a landlording book for your state. a bad lease can bite you in the butt! --216.37.225.116 |
| Without sounding like a moron, what is #15 Lease not recorded in any public rcords? --208.137.76.40 |
| Nancy, where can I get your book? I think I need it! :) --208.137.76.40 |
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Mary's list was pretty extensive; I would add just a few things: a. all requests for repairs must be in writing (in reality, calls work OK but this will protect you in case of a dispute) b. no criminal activity on the premises (just expands Mary's #9 a bit) c. Clause allowing landlord to enter the property given a specified advance notice period (usually 24 hours) But Nancy's advice is perhaps best - you'd do well to get a book or something that has a complete lease form you can use. We have had good luck getting our realtor to give us copies of our state board of realtors' standard lease, which is great - extremely thorough, they thought of things I never would have. If you know a realtor, try asking for this. --12.110.208.254 |
| PS if you read a threads from a few days back, you may also decide to add a clause prohibiting the operation of a funeral home in the basement, LOL!! --12.110.208.254 |
| Why don't you get a standard lease from your local LL assn as a starting point. Things that are OK in one state are not in another. Or buy Nancy's book. Or buy LANDLORDING, on this site, which has example leases. --206.103.58.24 |
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A book's probably a good idea. I would add a couple of items though: Most housing laws are local, so this may not be important where you are, but it is for me: The lease must state that the tenant "waives his right to notice to quit." If this is not included, there is an extra 30 day period in any eviction. Definately make sure that you have the tenant sign a lead paint disclosure form and give them the booklet. You can down load these from the EPA web site, and I think there is a link on this site. I also put the tenant's security deposit in a regular savings account at my bank and have them deposit the rent into that account. That way there is no dispute about when the rent was paid (the bank statement will say), and my bank allows me to transfer the rent money into my account over the phone. Hope that stuff helps! --207.24.91.5 |
| I recommend Nancy's book. You could get a bunch of sample leases, and waste alot of time and money gathering different clauses & stipulations. Because you are from Michigan, I feel it would be to your advantage to purchase "EVERYTHING YOU WANTED TO KNOW ABOUT BEING A LANDLORD BUT DIDN'T KNOW HOW TO ASK", by Nancy. I have read it, and I wish I would've had it when I first started. This book is beneficial no matter what state you're from. --63.153.60.74 |
| First get a copy of your state's landlord/tennant law and see what is required of each, you cannot ask a tennant to waive their rights by lease. --152.163.194.187 |
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Thanks D.J. I'm glad you like it. HJ You can buy my book here at Mr. Landlord. Go to Books...state law and under books there I am. "Everything you wanted to know about being a Landlord but didn't know who to ask". I specifically wrote it for new beginners. It will save you a lot of headache! --67.217.181.242 |
| to HJ/MI - the recording clause is found in the standard lease in the "LANDLORDS' RIGHTS AND DUTIES IN PENNSYLVANIA" book i purchased on the MR. LANDLORD website. the book is written by attorneys, so who am i to question the clause? --209.74.47.45 |
| Get a lease from your local landlord association. Soliciting ideas here is good for learning, but you need to know that things you include are legal in your state. Also your question is simple, but as you've seen from other posts the answer is a bit complicated to squeeze into a posting - my lease/rental agreement is 11 pages long. --63.159.104.198 |
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Create house rules & regulations and attach them to the lease. Very important, if the building was build prior to 1978, please do yourself favor and attach the Lead Based Paint disclosure form to your lease -- your can sued like crazy on this one. Do drug testing Criminal background test (County Building have them for free). Go to your local book store (Barnes and Noble, Borders) and it get a book Landlording from the Finiance section. Good Luck Majek majek501@yahoo.com --12.33.189.81 |
| mary (PA) I wasn't agruing with you, I just have never heard of that, and i wanted to know what that ment. I don't have it in my lease, and was wonderng if I missed something. Nothing ment to offend you. --208.137.76.40 |