HELP! - Lease Rules atrocious, or air-tight? YOUR opinion needed!

5 Replies

Hi Everyone!

I need some Lease opinions from established investors. I'm new to the game and am having a difficult time crafting the "Rules" to my Lease. I just bought my 1st property (a triplex), which is in the state of PA. I've posted very short "Rules Section" below and I would SIMPLY LOVE IT if anyone and everyone would let me know what they think if it. I'm not asking for "legal advice" - just opinions so I know if my Rules secton is atrocious, or air-tight! Please this newbie out!

RULES

A. Prohibited Storage Locations

The use of the basement is strictly prohibited for Tenant storage. In the event Tenant personal property is stored in these locations, it will be considered as a breach of this lease and subject to immediate disposal to be paid by the Tenant.

B. Junk / Clutter

Disposal of white goods, electronics, other personal property is the Tenant’s responsibility. Garbage and/or appliances must be stored in appropriate containers. Outside areas must remain clear of debris, garbage, bicycles, toys, furniture, tarps, and other clutter. Do not use your balcony as or porch as storage. Decks/porches/balconies are meant for the Tenant’s enjoyment. A barbecue, lawn furniture and small plants are the only acceptable items. Failure to abide by this policy will result in termination of tenancy. Tenants will have a 30-day grace period which shall begin upon the signing of this lease.

C. Smoking inside the premise is strictly prohibited. Tenants having resided at the premise prior to 11/22/2017 are exempt.

D.  All residents 18 years of age and older must sign and be named on this lease agreement.

E. Tenants are responsible for the conduct of all friends, family, and guests.

F. Visiting family, friends, or guests must not stay longer than FOURTEEN (14) days without approval from the Landlord.

G. All Tenants agree not to hold the Landlord responsible for any personal items lost or stolen from the premise.

H. New Tenants agree (prior to taking possession of the premise), are required to provide the Landlord with a Property and Liability Renters Insurance Policy with a minimum of $100,000 liability coverage. Existing Tenants will need to show proof of insurance before signing a new lease agreement. The Tenant understands any insurance the Landlord may have will not cover the Tenant’s personal property, Tenant, or Tenant’s guests who may be injured while on the premise.

There are number of model lease agreements on the internet you could use that might make the process more efficient. Probably some even tailored specifically to your states unique laws.

Originally posted by @Christopher Smith :

There are number of model lease agreements on the internet you could use that might make the process more efficient. Probably some even tailored specifically to your states unique laws.

Thanks Christopher! Anyone else have any MUST HAVE thoughts for a lease?