Renting out a home or condo is a great way to generate income, especially when living in a state like Florida where the cost of living is high. But renting carries many risks. Tenants could damage certain items inside the property or one day decide they no longer want to pay the rent they agreed to. Because renting out property is risky business, it is important for landlords to sit down with an Orlando, FL real estate lawyer who can help them create a clear and concise rental agreement that outlines what the landlord expects from the tenant as well as what the landlord’s obligation are to the tenant.
What should be included in a rental agreement?
Although the language in rental agreements will vary, most should contain the following:
- The name of the renter(s) as well as who will be occupying the space.
It is extremely important for a landlord to know who is going to be living in their property as well as who they can hold liable in the event rent is not paid or the property sustains damage.
- The length of the rental agreement.
This should be the date the tenant will begin occupying the space and the date in which they must either move out by or renew their agreement.
- The price for the rental and any additional fees.
Typically, a landlord should include how much a renter is expected to pay each month and by what day. If the renter is required to pay a deposit or other fees, this too should be stipulated in the rental agreement.
- Maintenance policies.
One of the advantages of renting a property is the renter is free from liability when it comes to broken appliances or issues with the unit. For instance, if the renter’s stove were to suddenly stop working, s/he would call upon the landlord or property manager to have the issue fixed. However, if the renter was responsible for breaking an appliance or damaging the property, s/he should then be responsible for fixing it. To establish when the maintenance team with repair something in the unit vs. when they will not, the landlord must clearly outline this in their rental agreement.
- Rules and policies.
If there are certain rules you want the renter to follow or policies you wish to enforce, this needs to be stated in the rental agreement so that the renter is aware of what is expected of them.
Regardless of whether a landlord has one unit or multiple units to rent out, they should always consult with a reliable Orlando, FL real estate attorney to assist them with writing up a rental agreement. The fact is, one wrong word could cost a landlord a significant amount of money, therefore, it is best to have a legal professional who is skilled in this area of law help. To speak with a real estate attorney in Orlando, FL who can assist with getting a rental agreement written up and ensure it conforms to state laws, contact Legal Counsel P.A. today.
Legal Counsel P.A. has an office in Orlando which is located at:
189 S. Orange Avenue, Ste. 1800
Orlando, FL 32801
Email: [email protected]