First and foremost, a solid lease agreement should be prepared by a lawyer or use of a real estate broker who has access to a rental and legal state and federally-approved forms.
Besides, the Obvious items in the lease agreement, such as the amount of Rent, Utilities, and Security Deposit, are all very important. But other terms may not be so obvious to the new landlords, or the tenant, for example
BREACH OF CONTRACT; EARLY TERMINATION: in the event of termination by Tenant before completion of the original term of the Agreement, Tenant shall also be responsible for lost Rent, rental commissions, advertising expenses, and painting costs necessary to ready Premises for re-rental. The landlord may withhold any such amounts from Tenant’s security deposit.
TEMPORARY RELOCATION: Subject to local law, Tenant agrees, upon demand of Landlord, to temporarily vacate Premises for a reasonable period, to allow for fumigation (or other methods) to control wood destroying pests or organisms, or other repairs to Premises. Tenant agrees to comply with all instructions and requirements necessary to prepare Premises to accommodate pest control, fumigation, or other work, including bagging or storage of food and medicine and removal of perishables and valuables. Tenant shall only be entitled to a credit of Rent equal to the per diem Rent for the period Tenant is required to vacate Premises.
INSURANCE: Tenant’s, guest’s, invitees, or licensee’s personal property and vehicles are not insured by the Landlord, manager, or, if applicable, HOA against loss or damage due to fire, theft, vandalism, rain, water, criminal or negligent acts of others, or any other cause. Tenant is advised to carry Tenant’s insurance (renter’s insurance) to protect Tenant from any such loss or damage.
MEDIATION: The Landlord and Tenant agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction, before resorting to court action. Mediation fees, if any, shall be divided equally among the parties involved.
The lease agreement we use contains over 50 clauses and is updated regularly as new laws are formed to protect both landlords and tenants and to ensure that we comply with the latest state laws.
For more information on how to use our 14-day hassle-free leasing services, please contact me.