Property owners must realize the importance of having a well-written lease agreement to protect their investments. Documenting what's allowed and not allowed in a standard lease agreement helps real estate investors avoid lawsuits or other legal issues down the road. One of the property management services Renters Warehouse Atlanta provides is helping landlords write their customized lease agreements. This blog post includes some of our best Cobb County property management insights about ten things owners need to know before writing rental agreements.
Every lease agreement must include a complete description of the property to avoid confusion. Your lease should have the following information:
Don't forget to include any specific storage areas or parking places available (or off-limits) to your resident.
In addition to the property description, rental property owners should include other essential clauses in your lease agreement template, including:
If you're not sure how to include these clauses, work with a property management company to walk you through them.
Cobb County property management companies can help you draw up a customized lease agreement based on your specific needs. Customizations to a standard lease agreement can include when:
Allowing pets could be beneficial for a property owner, but be sure to establish the rules. For example, investors can limit the size and breed of dogs they allow. However, make sure pet restrictions and criteria apply to all renters to avoid discrimination claims.
Since the lease agreement is a legal document, property owners should regularly look over it to ensure it is still up to date. Then, make updates based on different needs, your preference changes, or legalities. A real estate attorney and a property management team can help you keep leases up to date!
Make sure your renter understands the rental agreement's information on lease violation consequences. Violations could include late fees, returned check fees, and having a pet or smoking to break the rules. Remember that state and local regulations govern some penalties, so work with Cobb County rental management experts to keep your lease legal.
Give your renter ample opportunity to ask questions or clarify any item when reviewing the lease with them. This can help avoid any confusion (or violations) during the lease term.
Before you create a lease, familiarize yourself with the landlord and tenant laws in the state of Georgia. A property management company will ensure your residential lease agreement complies with federal and state laws.
Make sure every adult on the lease signs their name on the agreement. Your signature or your property manager's signature is also required for legal rental agreements.
We all like free things. However, when it comes to such an important document, property owners shouldn't rely solely on a free rental or lease agreement template. You'll need an expert in real estate law or an experienced property manager to review the document and make changes to ensure your investment is protected.
While some general clauses should be included in a simple lease agreement, a property manager can help you identify weak areas that could leave you vulnerable to a lawsuit. A strong lease is also necessary for property owners to enforce the rules.
Working with a property management company helps ensure that every lease agreement is legally binding and covers most situations that might come up during a lease. The best property management companies also enforce the lease to protect rental properties! Reach out to learn how Renters Warehouse Atlanta can help you draft an ironclad lease agreement!