Rental Lease Agreement – The Basics

So you're a landlord and you're ready to rent your place to a tenant. You know that you need some kind of contract to get your monthly rent payment, but you're not sure where to start. Here we are defining some basics of rental lease agreement Montana - what they are, what they need to include, and where to get one. If you're new to the process and need to know where to start, read on.

So What's a Rental Lease Agreement?

It's just a legally-binding document that outlines the conditions of rental for your property. These include really basic items like when rent is due, what the rent payment is, and when the lease starts and ends. More specific information, like what utilities are covered, if pets are allowed, stipulations for the lease, and 'who does what' are also common inclusions in the rental lease agreement. The document serves as an agreement between the landlord and tenant(s) and protects both parties in the case that either side defaults on their contractual agreements. No one who plans to rents property should do so without a rental lease agreement. This agreement is a guarantee that the person renting has a right to stay on that property as long as he adheres to all of the conditions in the agreement.

Why do I need one?

Sometimes it can be tempting not to have the tenant sign a lease if it's someone you know well, a relative, etc. Don't do it. It's critically important that you have a signed lease agreement in place if the tenant doesn't pay their rent, pays late, damages the property, etc. Without the signature of the tenant on a signed agreement, there is little that you can legally do to recover your lost.

Importance of Rental Lease Agreement

No one should be without a lease agreement when they are renting property to live in or when renting a building to use as a business. Lease agreements are vital legal documents that should not be overlooked and ignored. A proper lease agreement is put into writing and should include a number of things such as the description of the property, the address, what type of property it is, the cost of the rent, and any rules that pertain to the property in question. The lease should also include the date of when the rental began and of which the agreement will end as well as the full names of both the renter and the property owner.

What Should The Document Include?

The rental lease agreement Montana should include an outline of what's expected of both the tenant and the property manager. This includes the monthly rental payment amount, the due date, security deposit amount, the move-in date, and the date of evacuation. The agreement can be as long or short as you like, but it's recommended that the document is between 2-6 pages. Too much information can be overwhelming and hard to manage. Ensure that you cover the items previously discussed at a minimum, and don't forget the signatures of all parties.

Where Can I Find a Rental Lease Agreement?

There are many templates freely available on the Internet and your local library. Unless you're managing and renting many properties, it's probably not necessary to pay anything - there are many available at no sufficient cost.

Conclusion

The rental lease agreement Montana is a critical part of the leasing process - don't let a tenant in the door without one. With a little persistence, you can find a quality document on the Internet that will suit your needs and cost nothing. Good luck.