Having a verbal agreement is certainly not enough anymore, at least when it comes to the tenant-landlord relationship. It is best to have all agreements written down as a legal document, this way both parties are protected by the original terms if a dispute occurs.
Usually though, it is generally written up with the intention of stopping any disagreements from occurring in the first place, as all who sign should be aware of all that it entails. This kind of written agreement is essential in making sure that relations between the property owner and the tenant will be good.
The basic stipulations usually stated on the written agreement are the rental fee, rent due date, payment method, late charges and fee for returned checks (if applicable). In addition, other items include amount of deposit and its terms, responsibility of utilities, property and premises maintenance, the duration of the rental period, rent increases, conditions for termination of the agreement, and policy on dispute resolution.
In addition, there may be certain rules outlines for parking, pets, smoke, and other lifestyle choices. This can also include landscaping maintenance, such as cutting the grass or shoveling the snow.
Do not forget to include multiple contact methods for both parties. Constant communication is key for a good tenant-landlord relationship to exist.
Sometimes written agreements are filled with the policies regarding insufficient payments and the eviction process. This is essential for tenants to read, as you may find yourself without a place to live if you do not pay on time.
You can find template agreements on the internet now days. If you download one of these, make sure you fill in all the relevant sections and adapt where necessary.
You will find every state has a different set of rules and obligations. Remember, if in doubt, get legal advice.
This individual has been blogging pertaining to real estate law for the past six years. Additionally, the author enjoys publishing articles about New York City real estate topics, like Tribeca condos as well as West Village rentals.
