Rent Contact - What are some must have's??

9 Replies

Hello All,

I am located in Southend Charlotte NC, I have purchased a new townhouse and will be looking to rent out my one bedroom condo come June 1st. This will be my first time being a landlord, I was hoping to get the best tips on where to get a rental contract and the must have items I should include in it.


Much appeciated,


Stephen

@Stephen Foltin Hi Stephen and congratulations on your townhome purchase!

To answer your question BP has contracts here in the store that are state specific if you don't go that route it's advisable to have your attorney draw up your contracts.

On a side note Is your condo in a popular area?

A friend of mine has a condo in first Ward that she pulls a decent amount of monthly income from without the legal ties of being a landlord.

Originally posted by @Stephen Foltin :

Hello All,

I am located in Southend Charlotte NC, I have purchased a new townhouse and will be looking to rent out my one bedroom condo come June 1st. This will be my first time being a landlord, I was hoping to get the best tips on where to get a rental contract and the must have items I should include in it. 


____

Try reaching out to your local bar association's real estate section. Many bar associations have template contracts that they put out for their new members so they don't have to draft everything from scratch. In Charlotte, I'd call the Mecklenberg Co. Bar Association and see what they can do to help you. I actually just called them yesterday and they were extremely helpful.

 

Originally posted by @Stephen Foltin :

Hello All,

I am located in Southend Charlotte NC, I have purchased a new townhouse and will be looking to rent out my one bedroom condo come June 1st. This will be my first time being a landlord, I was hoping to get the best tips on where to get a rental contract and the must have items I should include in it. 


Much appeciated,


Stephen

Something I didn't think of until after I had my contract signed is TV wall mounts. I'm sure your typical contract will cover most things, but I'd add in a clause that you don't want any wall mounts. If they do it anyway they will be charged $100 for each mount.

After several tenants move in and out, you'll end up with holes everywhere that you'll have to patch....and a stud that is useless for any future mounts. 

 

I really like the contracts by Nolo Press.  See if they have one that would work for you.  I am not an affiliate or otherwise profit from referring them.

nolo.com

I always make sure mine has late fees spelled out and also rules on what pets they can have and how many visitors and for how long those visitors can stay. It's best to use one from Nolo or BP since each state has diff rules. 

I've started to hear about some states implementing a state wide rent control law.  That is concerning from a landlord perspective.  Does anyone know which states are doing this?  I think I heard it was definitely Oregon so far?