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Langee Realty Inc. (813) 333-5263

Serving Tampa bay area of Florida since 1996.

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Why You Should Use a Lease Preparation Service

A lease or rental agreement is a crucial part of the landlord-tenant relationship. Not only does it outline the conditions of the relationship, for example how much rent will be paid, what condition the property must be kept in and how long the agreement lasts, but it is also a legally binding document that can be used to enforce the payment of rent.

As a landlord, it is important that you take care when preparing your rental agreements. Many landlords mistakenly use improper leases when renting their property. This can lead to many problems in the future. If the tenant stops paying rent and the lease is found to be invalid, you may not be able to demand any outstanding rent.

Many landlords choose to prepare their own rental agreements, sometimes with free templates available online. This may seem like a good way to save money on a professional lease, but the templates available online are often not accurate and rental laws vary from state to state.

The best way to ensure you have a legally binding agreement is to hire a professional property management company and use their lease preparation services.

First, letís take a deeper look into leases and rental agreements.

What Is The Purpose of a Lease?

The primary purpose of a lease is to protect both the landlord and tenant. It will contain the length of the agreement and the terms and conditions that both parties must follow. If either party does not follow the terms of the lease, the agreement is no longer valid and the offending party may be subject to legal action. This may be evicting a tenant from the point of view of a landlord.

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Is There a Difference Between a Lease and Rental Agreement?

Leases and rental agreements are effectively the same thing as many people now use the terms interchangeably, however technically they are different.

A lease is a rental agreement with a fixed term. Most leases are for a one year term, although they can be as short as six months or even as long as five years. A lease will give the tenant permission to occupy a property for a fixed term, as long as the rent payments continue to be paid.

Unless both the landlord and tenant agree, a lease cannot be changed until the current lease expires. A lease does not renew automatically after it expires, and the landlord and tenant will need to sign a new one if they want the agreement to be anything more than an informal, month to month relationship from that point on.

A rental agreement is usually a much shorter contract. It will typically allow a tenant to occupy a property for 30 days on payment of the rent and automatically renews from month to month if payment of rent is received. A rental agreement can be ended by both parties at any time by giving written notice.

Who Signs a Lease?

The lease should be signed by the landlord or the landlordís agent such as a property management company, as well as all tenants over the age of 18 who will be living in the property.

It is important to get all people over the age of 18 to sign the lease for your protection. For example, if a husband and wife move into a property but only the husband signs the lease and then passes away three months later, the wife is not required to abide by the terms of the lease because she didnít sign the document.

Who Should Prepare The Lease?

There are many basic lease templates available online, but you should not rely on them. If you only want a casual arrangement with your tenant and are not worried if they stop paying rent, they could be ok for you.

If you want a more formal relationship with your tenant and want a legally binding document that can be used to enforce rent payments in a court, itís important to use the lease preparation services of a professional property management company to ensure your lease is perfect.

Each state has different laws covering everything from fair housing to the collection of security deposits which need to be followed precisely. You will also want to protect yourself from Ďprofessional tenantsí who go around looking for landlords with holes in their leases that would possibly enable the tenant to live rent-free for a while.

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How Long Should My Lease Be?

There is no fixed length for a lease. They can be anywhere from one to twenty pages depending on how much information it contains. The more in depth your lease is, the better you will be protected; however a long lease does not necessarily mean a good lease. It is possible to have a watertight lease that is only a couple of pages long.

There is some basic information that all leases will require and some other information that will vary from state to state depending on the local laws. Some landlords will want to have a long and in depth lease while others will be happy with a shorter, basic lease. You should talk to a property management company about your requirements and a lease will be drawn up that suits you.

Using a Lease Preparation Service

If youíre a new landlord, the lease can understandably be one of the most intimidating aspects of owning a rental property. There are so many things that can go wrong while drawing up a lease and making one simple mistake could end up costing you a lot of time and money if you ever have an uncooperative tenant.

Even if a written lease is not legally required, having one could protect you and is usually worth the small, affordable fee it costs.

A professional property management company will have years of experience with leases and will understand that intricate laws surrounding them and be able to avoid any mistakes. A lease will be drawn up that is specific to you, your tenant, the property and property location so that all aspects are covered.

We offer lease preparation services in the Tampa, Florida area.

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Langee Realty Inc. (813) 333-5263

3125 W Hillsborough Ave Tampa FL 33614

We are open Monday to Friday 10:00 to 6:00

Serving Tampa Bay Area since 1996

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