Plain Language Lease Agreement

By entering into a tenancy agreement that compiles the terms of payment, the rules that tenants must follow and the consequences of a tenant breach of contract, you help ensure that your first attempt to own a homeowner is smooth. If you are an owner in Pennsylvania, you must also use a state-approved Plain Language Lease to remain in compliance with national law. Finally, you can consult a lawyer to ensure that your lease is in compliance with the law and to determine whether you have used the appropriate language and provisions to legally maintain the lease. Does your tenant have to pay the monthly gas bill? Will you cover the cost of garbage collection? The lease agreement should clearly state who should pay for which utility companies. Your lease agreement must meet the start and maturity dates of the lease and the specified number of days/weeks/months that the lease will last. (Most leases are three to twelve months, although you can do a monthly month-to-month or even weekly lease).) The lease agreement should also determine who needs to make repairs, but in most cases it is up to the owner to ensure that their property is safe and worthy of living. At the same time, the agreement should make it clear that the tenant must inform you of property issues. List the full address – including the apartment number – of the property in question. Describe the condition of the property at the time of the start of the rental.

Last month we wrote about some of the steps you can take to determine which tenants are right for your property. Today we want to go a step further and see how you can prepare a rental agreement that protects you and your investment. The life of an owner is not always easy. If you`re worried about creating a lease that protects your investment, The Diversified Real Estate Investors Group (DIG) can help. 4 If you do not understand part of this lease, we ask the owner for a written explanation before signing it. The pre-printed portions of this lease have been previously approved by the Attorney General of Pennsylvania. According to the Of this of Attorney General, a previously approved consumer contract meets the legibility test provided by Section 2205 of the Plain Language Consumer Contract Act. Prior authorization of a consumer contract by the Of ce of Attorney General only means that simple, understandable and readable language is used. It is not a substantive agreement or the legality of the treaty. Note the day of each month when the rent is due and the payment must be sent. If you intend to collect late charges for late rents, the agreement should specify this. For example: „If the tenant rents more than 5 days after the due date, an additional $50 is charged.“ The tenancy agreement must also include the amount of the deposit and the circumstances in which it is returned to the tenants.

If you do not leave the accommodation in good condition, the deposit will generally not be refunded. The rental agreement must include the amount of rent that tenants will pay each month and rules on how and when to pay them. The lease agreement should establish clear rules for housing on the land. Can you keep pets? If so, which species? Can you make changes to the property, for example. B paint the walls? Let the tenant know what they can and can`t do, and the penalties for violating these rules. First, give your lease a title that makes it clear that what you give to your tenants is in fact a legal document. It can be as simple as having the words „residential rent“ in mind. List your name and address, as well as the customer`s name and address. DIG has spent the past 40 years coaching investors like you in all aspects of investing in rental properties.