If you are a landlord, then you probably understand how important your lease agreement is. A written lease agreement is the contract that exists between you and your tenant(s). It contains all of the essential terms of the tenancy, including:
- the lease term
- deposit requirements
- amount of rent
- move-in date
- whether the lease is month-to-month or longer
- pet policies
- occupancy limits
- and more.
With so many terms and conditions, it may be difficult to know which terms are essential to have in a lease to protect your interests and which are not quite so important.
In today’s post we will give you 3 lease terms that should be included in every lease. While there are plenty of other terms that every lease should have, these 3 terms are key to making sure that your lease is enforceable.
As always, laws vary from state to state, so be sure to consult with experienced real estate counsel where you live to ensure that your lease conforms to the laws of your state.
- Clear identification of the Parties to the Lease.
The first key component to any rental agreement or lease is to clearly identify the parties to the lease. Of course, this means that the landlord should be clearly identified. It also means that all tenants, co-tenants or roommates should be named in the lease. The lease should also state whether any occupancy limits apply to the rental unit.
- Identify the Property.
The next key term to any lease is to identify the property being rented. While a legal description is not necessary, identification of the property should include any name you have for it (like “Green Acres”) as well as the property’s address including:
- House Number
- Street name
- Apartment Number the Tenant is Renting.
- State, and
- Postal Code.
- Rental Terms
The third, but by no means final, important element in a lease is the terms of rent. This includes putting in the lease the exact day, month, and year the lease begins, and the exact day, month, and year the lease ends.
You should avoid using general statements regarding the term of the lease such as: “the lease is valid for six months,” or “the lease is valid for one year”.
Many yearly leases automatically convert to month to month leases after the original lease term.
Of course, don’t forget to include the rental price and date that rent is due, terms regarding late charges, who will pay utilities, last month’s rent, the amount of the security deposit, and when and how the lease may be terminated.
The above are by no means the only terms you must and should include in a lease. They are simply 3 important components of any rental agreement. Because it is the written contract between you and your tenant(s), it is critical that your rental agreement is complete and enforceable. If you are considering renting property —whether commercial or residential and need a rental agreement, consult with experienced real estate counsel.
Real Estate Attorneys in Georgia.
For more than 30 years, the law practice at the Law Offices of Mark Weinstein has been focused on all aspects of real estate law and litigation. We are located in Cumming, Georgia, but we serve clients in and around Atlanta, Marietta, Roswell, Sandy Springs, Kennesaw, Forsyth County, and a number of other counties in Georgia. Call us at 770-888-7707, or contact us here, or send inquiries by e-mail to: firstname.lastname@example.org.