Monday, February 15, 2010

10 Lease Musts for a Residential Landlord

1. Reasonable or fixed attorneys fees on breach inclusive of other costs
2. Bounced check fees of between $25 and $50 (exactly what your bank charges you)
3. Late payment penalty ranging from set fee or % of rent
4. Snow removal, landscaping, and other outdoor maintenance falls upon tenant
5. Appliances are "as is" following tenant's inspection
6. Pre-possession inspection with pictures and report based upon pre-printed checklist to avoid disputes
7. Don't ever do month to month - creates problems with eviction
8. Fuel oil - tank must be returned as found upon termination of lease (or reduction in security deposit)
9. Sublease / assignment must have prior written approval
10. Proposed tenants sign authorizations for credit checks

One extra - Get a big security deposit, spell out costs for damage in lease, & expressly state that return of security deposit is made following 2 weeks of landlord's inspection

Please tell us what our list is missing. With your suggestions it can be the 100 Lease Musts for a Residential Landlord