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If you have ever signed a lease for a large complex, you know that the lease is about half an inch thick and contains a lot of legal jargon that you may or may not actually read or understand and may end up in a dark corner of your closet. As an owner of an investment property, however, this document could be one of the most important documents that you put together. This contract ensures that rent will be paid, it can outline what happens when rent is not paid, it includes basic information like fees, dates, and the names of each tenant, as well as several clauses that can protect you from various legal issues as well as the property itself.
In addition to the above list of items that should be in an agreement, here are a few clauses that can also be included in a rental agreement:
Right of Entry
Landlords typically require 24-hour notice in order to enter the property to make repairs or complete maintenance requests. However, no notice is required when there is a genuine emergency. This section makes everyone aware of what circumstances require notice and which do not.
Tenants are responsible for maintaining the property to the best of their ability. They must keep the unit safe and free of hazards. Including this clause in the agreement will ensure that your investment is protected from significant damage that is outside the realm of typical repairs.
Alterations, Repairs, and Maintenance
This section discusses what the tenant can do in terms of making alterations to the property, such as painting the walls, adding shelves, or mounting a TV, as well as things they cannot do. It also details how maintenance requests and repairs will be handled. This ensures that the landlord is protecting the tenant’s health and safety, and providing them with a home that is habitable.
Do you want to allow pets in your property? Do you want to have a no-smoking policy? Although more minor items, these will offer greater protection for the property. If you do decide to allow pets, you can include details about pet fees and any additional costs if any damage were to occur due to the pet.
If you’re putting together a rental agreement for new tenants, it’s essential that it provides adequate protection for all parties. In the event that anything goes wrong or there is a dispute, this contract could save you a significant amount of time, money, and stress.
The team at Contre Property Management in Denton, TX, has years of experience with creating tenant agreements. We have an in-depth knowledge of what should be included. We also offer a full range of property management services, including helping you find a property, market the units, manage disputes, managing maintenance and repairs, and much more. Learn more about our services, and contact us today to get started.