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Hi.. I am going to have to rent my home soon.. or lose it to foreclosure. I have a person that wants to rent it..she knows it is still on the market.. Do I need some kind of rental agreement.. I am 1700 miles away and don't have enough money to retain a lawyer.. Where can I get some kind of printed agreement so at least I have something documented?? Thank you
Some states have a sample rental agreement on the attorney general's web page (you obviously need to look at the state where the rental home is located). You absolutely need a lease agreement! It protects you and the tenant. Do you have anyone who lives near the house who you can ask to keep an eye it (periodic walk-throughs to make sure it's being kept up) and do minor repairs? You will need a property manager of sorts since you live so far away.
Georgia..God I hate to lose this house..already asking price is 40,000 below the appraisal...I have a neighbor right across the street that can help keep an eye on it..bad thing is I have an adjustable rate now that is going to jump up to 11% in December.. went with Citi Mortgage for a remortgage.. what a bunch of crooks!!! Credit was fine.. everything was okayed.. last minute I got an e-mail saying they needed to up the remortgage by 11,000.. I dropped that like a hot potato.. I can't believe the crap they are allowed to get away with!!!!
Thanks so much for your valuable input....It is a shame.. to try to be a decent person and the way this government is dealing with this housing mess is a true disgrace.................
Check with a local Realtor. They will be able to send you the paperwork. Hey, for what it's worth, they may end up working with you if you need to sell in the future.
Get a local management company - check with realtors, many know someone or even use the services of one. Some realtors also act as property managers. If you are not going to be nearby, it won't help if there's a major disaster at 3 am. A property manager is local and can get someone there if necessary. They also collect the rent, send it to you (or deposit in your local acct). But far better to pay someone to get those 4 am calls of a stopped up toilet or the tree fell and hit the well pump house.
It's what we did and that is money VERY well spent every month.
I wouldn't get a property manager. They take 8 to 10 percent of the rent for doing little more than depositing your checks for you (which you can do yourself) and fielding the occasional phone call (which you can also do yourself). If money is tight and you already have a renter I wouldn't bother with it.
There's no magic to the lease agreement. Just a simple month-to-month form is all you need.
You can get a template rental agreement at Office Depot, but you should check online to see if you can find one specific for the state your home is located in.
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