Share your lease?

4 Replies

Hi,

I have been house hacking a duplex for the past 2 years.  Our tenant's lease is coming due, and I am taking a closer look at it.  I will likely be adding more to the "additional terms" attachment.  I currently use a standard lease I found from the Minnesota Multi-Housing Association.  

Is anyone willing to share their current lease so I could compare and borrow language.  I am mostly interested in those located in Minneapolis, Saint Paul, or the Twin Cities.

Unit information:

Duplex, 2 1br units, large shared backyard and basement. Minneapolis, MN.

Cheers,

-Rory

Hi @Rory Stierler and welcome to BP!

Your best option would be to take your current lease and seek counsel from an attorney. You lease may be well written and your new added in tips may be well thought out, but are they legal, open you to liability, ect? A good real estate attorney can assist you with this. 

@Rory Stierler

I couldn't agree more with @Alexander Lang 's post. There are a lot of standard lease forms out there online through different agencies. That said, as you seem to be your own property management on the property as a house hacker, an attorney is going to be your best bet as you update the lease. An attorney is never cheap, but it's a worthwhile investment to make sure you have a sound and legal lease for your property. You could always hire a property management company to draft one as well, but personally I would go with a lawyer. 

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I agree with @Shane Hedeen on this one. The attorney I hired to review my lease agreement charged a rate of roughly $250 which included review, editing, and the works. Money well spent as I had some items that opened me up to liability that I had never realized was in the agreement (I pulled one from online initially at first as well). Play it safe and drop the money now before it costs you even more in the future. 

Thanks for the input everyone.  I will definitely look into an attorney review, but I am still not against anyone willing to share their own :).

Seeing how most have invested in their lease, perhaps we could change the discussion to additional terms that may be common or often missed/overlooked?

For example, an area of concern for me is how to manage common/shared spaces.  This includes entryways, driveways, yard areas, and the basement.  I would like the ability now and in the future to ensure these areas are clean and safe.