Suggested Lease Terms for new tenants
Hello, I'm currently close to obtaining my first property in the Bayonne NJ, and as part of the journey i like to be ready so I don't have to get ready. with that being said; I'm putting together a lease for my future tenants. My attorney provided me with a lease that includes all kinds of good stuff, however I was wondering if anyone has any suggestion to make sure I'm covered in all angles.
Thank you.
Hey @Luis Rangel, congratulations on your first property!! Very smart that you are getting things in place for the future.
Personally, I would recommend asking a few other people for leases and comparing them. Sometimes you agent can provide you with a template.
Another thing you could do is search for other key provisions that landlords prefer to add in that may not be on a standard template.
Over the years I have added a few provisions to my leases just to tighten things up a bit. Also, something else that is super important is making sure the lease is filled out as thoroughly as possible and correctly. Make sure everything is filled out and be as specific as possible.
Some things to consider:
-Rules for smoking in the unit or on the property.
-Outline everyone who be occupying the unit and make sure their info is on the lease.
-Outline snow removal and landscaping.
-Outline parking when applicable.
-Outline late fees (talk to attorney for laws)
-Make sure lease has noise provisions
-Outline pet policy
-Outline utilities
Hope this helps!
A key provision that some standard leases forget is the pass through of any fines imposed on the property such as for noise or lack of maintenence (grass too long).
Quote from @Luis Rangel:
Hello, I'm currently close to obtaining my first property in the Bayonne NJ, and as part of the journey i like to be ready so I don't have to get ready. with that being said; I'm putting together a lease for my future tenants. My attorney provided me with a lease that includes all kinds of good stuff, however I was wondering if anyone has any suggestion to make sure I'm covered in all angles.
Thank you.
Biggerpockets sells a Lease Agreement Package (look under TOOLS) for $100. I've literally seen hundreds of leases and the BP version is better than the majority of them and for a sweet price.
