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We will soon be first-time landlords. To the other landlords on the forum: where did you obtain a landlord-tenant contract for your tenant to sign? I just called a local real estate attorney's office (we used them to close on the house) and they said that it would cost $350 to $500 to have them draw up a contract. She also said that they really don't do much of that anymore, as most people find contracts online.
So my question is- where did you get your contract from that you use? Of course we're looking for something that will hold up legally in our state. I've found plenty of websites, but want to make sure the one we choose is legitimate and will hold up in court if there's ever a problem.
I think you need a new attorney. You should absolutely NOT us boiler plate contracts for renting out your home. Most every state and locality has at least SOME aspect of the landlord / tenant relationship that they regulate DIFFERENTLY than other states / locality. If you write up a contract that is contrary to local laws you cannot enforce it.
A good experienced real estate attorney that has done evictions in your local courts is invaluable, should your tenant live up to their obligations you do not want to be learning the ropes -- you want your attorney to be ready to protect your interests.
Check with another attorney, a real estate attorney in your area. If you cannot afford to buy a lease to use for your property, you do not need to be a landlord. Spend some money to protect your interest as well as the tenant. State specific leases are important. You need to make sure you have all the needed covenants in the lease.
I bought a lease from an attorney many years ago. It has been well worth the expense. I do the property management myself. The original lease I bought has gone from 9 pages to 11 pages as laws change and new issues arise over the years. It is well worth the expense.
I think you need a new attorney. You should absolutely NOT us boiler plate contracts for renting out your home. Most every state and locality has at least SOME aspect of the landlord / tenant relationship that they regulate DIFFERENTLY than other states / locality. If you write up a contract that is contrary to local laws you cannot enforce it.
A good experienced real estate attorney that has done evictions in your local courts is invaluable, should your tenant live up to their obligations you do not want to be learning the ropes -- you want your attorney to be ready to protect your interests.
Quote:
Originally Posted by ShaneSA
Check with another attorney, a real estate attorney in your area. If you cannot afford to buy a lease to use for your property, you do not need to be a landlord. Spend some money to protect your interest as well as the tenant. State specific leases are important. You need to make sure you have all the needed covenants in the lease.
I bought a lease from an attorney many years ago. It has been well worth the expense. I do the property management myself. The original lease I bought has gone from 9 pages to 11 pages as laws change and new issues arise over the years. It is well worth the expense.
Ditto and Ditto.
A lease is a legal agreement. Get legal help from someone willing to do it.
$300-$500 may be the best investment you make.
I suggest thelpa.com. landlord protection agency. I have been buying single forms here and there over the past three years and getting the free newsletters and finally just went ahead and bought a full membership. You can edit the forms to suit you. And have an attorney review them as opposed to actually them writing one. It helps to simply become very familiar with Your local laws.
I now live by "having No tenant is better than having a bad tenant." site keeps me strong!
Having had bad tenants before that were almost impossible to get rid of, think of it this way. How much are you charging for rent? I might assume it's more than $3-500. An investment of less than a month's rent, and you can sit with your attorney and tell him or her exactly what you want out of the tenant, and your attorney can tell you when something is or isn't possible. You should make him work for that money, so you can get something that is crafted for *you*...and easy for you to point to if things start to head south. If he doesn't offer to help you make this document together, then he is just going to go back to the office and print something off his computer without changing it.
A new landlord often doesn't realize how bad a tenant can be, and thus doesn't have enough of an idea of what to put in a lease, until they get that bad tenant. I t took three bad tenants for me. It also showed me what I can't expect out of people, even though it was a no brainer for me when I rented a house for ten years, it turns out that most tenants are not as wonderful as I was. Reading horror stories will help with that. I know have to babysit tenants and visit at least quarterly, something a landlord never had to do with me. It. Still shocks me how badly people will care for where they live if they don't own it.
Thank you everyone for your replies! I see there's lots of experience on this forum, and experience is invaluable. I've also talked with a friend of mine who does property management for a living, and she's going to show me their lease agreement. I'm hoping to use that as a starting point, then get an attorney involved to tweak it to where we need it to be. When looking at the big picture though, a few hundred bucks is a small investment to protect oneself.
Assuming the friend is doing the property management thing in your town I would give some thought to letting her handle the whole job, assuming you are OK with "business between friends"...
Quote:
Originally Posted by Bahagal
Thank you everyone for your replies! I see there's lots of experience on this forum, and experience is invaluable. I've also talked with a friend of mine who does property management for a living, and she's going to show me their lease agreement. I'm hoping to use that as a starting point, then get an attorney involved to tweak it to where we need it to be. When looking at the big picture though, a few hundred bucks is a small investment to protect oneself.
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Hmm...
