When you become a rental property owner, you will create a business relationship with every single tenant you rent to. One of the most important elements of keeping a healthy relationship are the services that will be provided under your lease agreement. There are some new landlords who will make the mistake of downloading a generic lease from the internet, however, in most cases, this will not be a legally binding agreement that will stand up in court.
The fact is that if you use a vague, unspecific lease, it can cause you quite a bit of hassle. It may also land you in court. In addition to contracting a company for property management services in Las Vegas, ensuring certain elements are included in each lease will minimize potential issues down the road.
The Names of Each Tenant
When you have a new tenant moving it, it is essential that the names of each person who will be living at the property are included in the lease. This will establish that each person in the residence is responsible for obeying the terms that are outlined in the lease. If any tenant ends up breaking the terms, then you can pursue legal recourse.
The Length of the Tenancy
When it comes to rental property leases, the most common length is one year. However, there are some leases that will be for two years and others are set for six months. As the property owner, you will want your tenant to remain in the property for a least one year in order to reduce the stress of you having to find a new tenant. No matter what your preference is, you need to make certain length of occupancy is specified on the lease that you, and your tenant, sign.
Rent Amount
This is one of the most important things that you need to include on your lease. While this may seem obvious, the key here is to ensure that your rent amount is clearly indicated on the first page of the lease. This will also need to include the date that the rent is due on, and the amount that will need to be paid if the tenant is late.
When it comes to your rental property, the most crucial element is the lease. When you hire a qualified property management company who prepares your lease, you will have no problem proving that your tenants know exactly what is expected of them.
