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Have you ever had a tenant come to you with a request that technically didn't violate the terms of your agreement? There are always going to be outliers you can't account for, and that can create legal risks if you're not careful.
The key to rental leasing in Cleveland is to include as many causes as you deem necessary. You don't want to violate any rental property laws by making demands of your tenants they aren't prepared for. The lease also exists to hold you accountable as a property owner.
Here are some areas you need to cover in your lease agreement terms.
Security Deposits and Rent Payment
It's important to specify details about security deposits and how your tenants can pay their rent. Your rental income depends on these payments, and you may not be able to afford one or more of their checks bouncing.
Rent collection software simplifies the payment process and keeps a record of past payments. It's also easier to verify payments and allows for the instant transfer of funds.
Maintenance and Repair Responsibilities
The lease agreement should make it clear who is responsible for the daily maintenance of the property. Generally speaking, tenants must keep it clean and avoid damaging anything that comes with their rental. Landlords focus more on structural elements and utilities, such as the plumbing.
Even if a landlord passes on the duties to a property manager, it's still their sole responsibility as owner to maintain the property.
Lease Term and Renewal
Make it clear on the lease when it begins and ends, and what the conditions are for renewal.
For example, a fixed-term lease should have a clear start and end date. The lease should also state any penalties to expect if they wish to end their lease early.
As far as renewal, tenants should be made aware of any changes that may come up in the new lease. This includes any raises in rent or changes in utilities.
Subleasing and Assignment Clauses
Many tenants have the option to sublease their rentals as a way to pass on the space while still taking responsibility for the terms of their lease. However, they must get the landlord's approval if the lease agreement doesn't mention sub-letting.
You have the right to refuse this request, but you must give a good reason why.
Use and Occupancy
Set clear limits in the lease agreement for how tenants can use the property and how many people can stay in it. These limits help to avoid tenants doing anything illegal on your property while also keeping everyone safe.
It can also help avoid disputes in the future, such as in the event they start operating a business out of your property.
Make Rental Leasing More Secure
Rental leasing matters much more than you may think it should. Any kind of miscommunication or lack of information can result in a tenant taking advantage and pursuing a lawsuit.
Remax Haven Realty can help with all of your property management needs in Cleveland, Ohio, and provide leasing strategies to new landlords. We have over 11 years of experience in the industry and have worked with over 1,700 homes. Reach out today to learn more about how we can help you.
