15. November 2010 05:11
Lease is a written agreement between the property owner and tenant that describes the terms and conditions for renting a home or any other property. As a landlord, it is important to include all the terms of property usage in lease agreement. A typical lease agreement will include the following information:
- Property Address
- Nature Of Property
- Landlord Details
- Tenant Details
- Rent To be Charged
- Due Date for Rent
- Security Deposit
- If Pets are allowed and any pet deposits.
Other important elements of lease agreements are:
- What are late payment charges?
- When would you call a rental payment to be late?
- What all rent covers?
One of the basic element of a lease agreement is the tenure of lease. It can be long term or a short term lease. A long term lease has advantages that you don’t have to find another tenant in short span of time. Plus you can be assured of regular rental income for the time of rental agreement. While the disadvantage can be that once the lease agreement is signed by both parties, it stays like that till the end of lease term until changes are made by mutual decision. In case of short term lease agreements, the advantage is that you can change your rentals frequently (when term for lease expires) while the biggest disadvantage is that you will have to search for another tenant in short span of time.
Another important aspect of lease agreement is definition of vacancy clause. This defines the notice period required before vacating the property. As a landlord it is advised to seek a notice for a longer term as it will give you ample time to find new tenant.
Drafting a proper lease agreement containing all the necessary points is quite important. As a landlord it will always pay to hire professionals to draft your lease agreement. Most of the property management companies also help in preparing lease agreements.
For complete solutions to your residential and commercial property management issues including finding tenants and getting into lease agreements, just visit us at John Reider Properties. We are located at 455 E. Central Texas Expwy, Suite 101, Harker Heights, TX 76548 Phone: 254.699.8300
Killeen Rentals - Commercial Lease Harker Heights