A happy landlord is one that has vigorously screened a tenant before allowing the tenant to set foot as a renter. Thoroughly checking income, employment and previous rental histories all validated by third parties is crucial. A tenant that pays promptly and takes care of your rental means the only real work you need to do is depositing the rent check.

rental lease agreements

And if the rent is automatically transferred to your account each month you don’t even have to do that. So once the vetting has been successfully completed, the next on your agenda is the lease. You can start out with a template and adjust based upon the property type or other specifics and you should also have an attorney review it for you to avoid potential problems. Who signs the lease? Everyone who will be living there that is over 18 years old.

Why is it necessary to have everyone on the lease and fully vetted? Say three students want to rent from you and two of them check out but the third has a checkered rental history. The two students tell you that’s okay, they’ll cover for him. But if all three are counting on sharing the rent equally, what if one of them decides to skate, leaving the remaining two responsible for the full amount of the rent. What if the two can’t afford the rent now? Without all three on the lease, you have no  remedy to track down the absent party.

Which brings up another issue. What if one person rents from you and signs the lease but she has her boyfriend over there pretty much 24/7. Are there two tenants are one? There is actually one but you have someone living there that has had no background check. This person can damage the property and yes the person on the lease can be held responsible. To avoid this scenario altogether, make sure the lease plainly states that limits how many nights a guest may stay in the property and the consequences for not following the terms of the lease. It’s your property and you have the right to know who is living there.