One thing that all successful landlords have in common is they use an ironclad lease agreement.

While there can be infinite variations as to what to include in one’s lease – such as noise restrictions, or smoking ordinances– there are some line items that should always be included for every rental property, no matter what.

One thing that all successful landlords have in common is they use an ironclad lease agreement.

While there can be infinite variations as to what to include in one’s lease – such as noise restrictions, or smoking ordinances– there are some line items that should always be included for every rental property, no matter what.

Here is a list of our Top 5 lease-must haves:

1. Rent costs
In the event you need to take a tenant to court for missed payments, you’ll need to prove the actual cost was in the agreement. Also, you should specify what forms of payment will be accepted.

2. Term of the agreement
You should include the dates from the lease begins and when it ends. Also, you must be specific about what happens after the conclusion of the lease, such as how you expect to be informed of a tenant’s intent to vacate or when and how you will notify them of renewal options.

3. Fees
Be clear about what is the exact dollar amount to be collected for the security deposit, late fees, and penalties for bounced checks.

4. Names of all adult tenants
Your lease should be a binding contract with every adult who resides on the property. Make sure you name all parties such as married couples or roommates are listed on the agreement. This ensures you can complete a background screening on all of the adult tenants, and hold all of them accountable if there are issues collecting rent payment.

5. Pet clause
Should decide to allow pets, make sure you are specific about breed or size limitations, and how much more of a deposit will be required. If you don’t want to allow pets, make sure it is clearly prohibited in the lease.

What are your lease must-haves? Feel free to comment below!

For more information about tenant screening, and other tools every new landlord or real estate investor needs, visit ATS’s website.