Advice on Lease agreements

[mynd66]

I bought and renovated my first house, two family, and I am now meeting many prospective tenants. Online there are legal forms such as lease agreements and rental applications. Does anyone know if most online forms are good or what site(s) have the best forms? Also what do you think if anything I should add into the lease agreement? Someone recomended writing in a late fee for every day rent is late. I am very new to this and I am just trying to cover my butt. Thanks -Ray

[jessiesc]

Some of the leases you find online should be fine. My suggestion is to find one that has most of what you want and customize it.

Adding to the lease, depends on the property type, where it is located and what you are willing to allow or not allow.

Examples:

• Pets - 'n' number of pets allowed (If you allow pets, I would also have a separate pet agreement - No breeding etc.), types of pets allowed (some insurance carriers will either not insure a property if there are certain breeds resident example: pit bulls, Dobermans, shephards etc.) some will just send your premiums through the roof. Cats, Fishtanks, lizards, snakes etc.
• Waterbeds - Allowed/not allowed
• Military Clause - Yes/No
• No parking on grass - Assigned parking etc.
• Property usage - No business signs, unlawful uses etc.
• Renters insurance required (see waterbed above)
• Tenant to perform specific maintenance (lawn care)
• What is and is not allowed to be parked on the property, i.e. No boats, trailers other...
• All areas to be kept clean and clear from obstruction

These are but a few clauses you might consider adding to a lease. There are quite a few more.

[BuyHawkeye]

You would do well to work with a professional your first time around. It certainly isn't rocket science, but they will have the contracts that are state specific. Never under estimate the power of a sound contract. The generic ones are just that, generic. They will leave you vulnerable to your state's quirks.

Good luck. Rentals are a hassle, but worth it in the long run.

[mynd66]

hey thanks for the replies. I found state specific legal documents on a few sites. That with some of the things mentioned here and what a few people told me I can add in clauses to make the lease to my liking. Also there is a renter application which seems pretty useful. Thanks again -Ray