Hello, I recently moved out of my home that is almost paid for with a low 2.3% interest rate on the remaining balance. I am going to make this a rental property, but I don’t know where to go to find a lease. I have tenant already lined up. Does anyone know of a free or low cost resource that I can print or send a lease electronically?
Thanks for your help!
Check w/friends & family to find a trusted & experienced RE broker or attorney. Ask them for advice.
A lease document is an important item when you are a landlord, don’t scrimp on it.
Look, we’re all Clarkies here. He says a good background check is essential. The laws in most states favor the tenant. And the slimy ones know it. The worst pay for a month or two and then quit paying. They may end up living for free 3 or 4 months. And then they trash the place on top of it. Be careful.
I have a tenant already lined up. My son actually. He has excellent credit, a great job, and I have no worries about him renting the place.
Think of worst case scenarios, not your son when you consider the items you want the lease to cover. Also make sure it is legally compliant with your state and locality. Big things to consider is whether he can sublet, move in a roommate or partner, whether they must be on the lease or not. Pets and pet damage. Notice requirements. Who does what maintenance. Rent due dates and grace period. Deposits and how they are handled. My friend who has rentals requires a nonrefundable cleaning deposit on addition to the damage deposit.
Sit down with your son and talk over the items you both want covered, then take that agreed upon list to an attorney and have them draft or modify a standard lease form.
I’ve used ezlandlordforms.com in the past. It walks you through the process of building a legal lease for your location. Cost was fairly minimal. Less than $50 but it may be higher now.