My house, rental agreement created by tenants agent/friend

2 Replies

Hello!


I bought a property and ended up moving out shortly after due to unforeseen circumstances. I hired a property management company to handle the lease/collection. The lease is now up next month. I was going to drop the management company and create a lease myself, however, the tenants RE agent said that she could create one for me (her offering to help me out). She sent the proposed lease over, and I'm a bit concerned, but don't know if I should be.

Attached lease:

https://imgur.com/a/ja9G9mK


-Is the ROFR a pretty common thing in leases? Is this generally included to attract and entice a tenant? I'm quite sure she has no intentions of moving, and would love to buy my house should I sell it. What advantage do I have (if any) of including this?

-Is the $35 late on the 15th normal? I believe the other companies I've seen do $50 after the 3rd.

-The security deposit listed as "already held with landlord", it currently isn't, it's with the property management company I hired, which I would assume would be sent back to her after lease expiry. 

-The wording at the end, "security deposit to be returned after lease within 21 days"... What if there are damages? The wording seems like I'd have to send the whole thing back regardless of damages.

Any insight is very much appreciated!

You have already made a misstep.  The tenant's agent works for the tenant, not you.  They have no reason to be fair to you in the agreement. Now you are fighting an uphill battle against someone who is savvier than you. I would hire a real estate attorney to draft a lease and use that.

I can't really read the text of your lease, but I'm not a fan of the late on the 15th provision. It varies by state, but if someone was 15 days late on rent in Oklahoma you would already have an eviction filed. My lease has that rent is due on the first, late fee of $50 late fee on the 2nd. It's strict, but I don't want to hold my breath for 2 weeks to decide whether or not they're going to pay. 

To be safe, you can use a state standardized lease or run the lease by an attorney in your area.