I am a new landlord about to have my first lease signed. I'm wondering about listing rent in my lease agreement. We have agreed on $1400 plus $20 x 2 for their two pets so $1440 total. In the agreement do I state that amount or do I state $1400 and have the additional fees covered under the attached pet addendum? I'm no lawyer but to me it reads that I should state $1440 in the actual lease because it says "Rent and additional fees are collectively referred to as "RENT"."
What happens if the tenant get's rid of a pet for whatever reason? Do we need to sign some sort of amendment to the lease where I state the lease is being reduced by $20?
Any other advice for a new landlord going though the lease process for the first time as a lessor?
We list them separately in all our leases. You can do an addendum or just add it as an additional paragraph right after the lease amount. Lease amount is $1440 per month. Additional fees apply of $20 per pet with a max of 2 pets allowed. I would list the specific pet you have approved. If you have approved 2 Yorkies you don't want them to just change them out for a Great Dane!
Thanks Tracy. Great point about specifying the pets. There isn't really space in the lease template I have to add a paragraph in the RENT section but under the RIDERS section I have stated that there is a pet addendum. In this addendum I've included the pet rent and the additional deposit amount as well as info on the pet breeds, weights, names, etc. So do you think this addendum covers me for the pet rent and deposit and in the RENT section I should just list rent as $1400 and in the SECURITY DEPOSIT section I should just list the 1 months rent only without the additional pet deposit?
My lease only has the rent amount. I add an addendum to my lease that lists the additional fees for having the pets. Then my invoice lists the rent plus the additional fees due for the pets.
@Brenda Birhiray Bigger Pockets Landlord forms is a GREAT source. You spend $100 or so but you get everything you need (included if you are pro I think.)
Ok thanks a lot! Will check it out!!!
At the apartment complex that I worked at, we always had a separate addendum that outlined the extra fees like pet fees, amenity fees, etc. It's better to have a separate addendum just in case something changes. It's much easier to sign a new addendum instead of a whole new lease. I'd definitely list it separately from the base rent amount.
@Martin Kimmel I keep the lease with rent and deposit separate from the Pet Addendum with Pet fee and Pet deposit. The Pet addendum lists out the exact pet (name, weight, color) and we take pictures of each pet. We also maintain breed and weight limitations.
On point to your question is to keep the rent, fees, and deposit listings separated. In court during a legal battle you do not want the lines blurred.