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Rental Agreements
In the real estate company I work for, we used to write all of our own legal forms. It just seemed like a simpler and better way to do things. After all, we did save some money by not having to buy rental agreements. We could also specify the exact terms that we wanted. We figured that, as long as we were careful about the terms of the lease agreements, there wouldn't be any problem. We didn't realize how complicated tenant law can be.
If you are a landlord, it is absolutely crucial that you enlist legal help from the beginning. Otherwise, down the line you'll have reason to regret it. Things like rental agreements that seemed clear-cut are not always that way. There are only certain things you can ask for in a rental agreement, and they very by state. If your rental agreements are not airtight it can be almost impossible to get a tenant to leave if he doesn't want to. By not making adequate preparations now, you might be costing yourself hours and hours of legal turmoil down the road. The cost in time and money is simply not worth it. It is much better to make sure that you have the right legal forms to begin with.
Although it is a good idea to consult with an attorney, the most important thing is to make sure to get the right forms. You don't necessarily need an attorney's help to do this. There are a lot of landlords rights groups out there that will give you the proper rental forms for your state and precinct for a fairly low price. They will also advise you on issues like eviction, collecting back rent, and what portion of the security deposit you can keep. That way, even if you don't feel like paying a lawyer to look at the rental agreements, you can at least be sure that they are well put together.
Besides avoiding legal trouble, having well written rental agreements can actually contribute to a more harmonious relationship with your tenants. If everyone knows what the rules are from the very beginning, there is much less of a chance that people are going to come into conflict. It can still happen of course, but it is less likely. A good landlord-tenant relationship should be based on the mutual respect and understanding of the laws. That starts with a well written contract.
Summary
Rental agreements are very important for tenant and landlord. If you are the owner and do not have any experience with these documents, have the first one prepared professionally. It will contain all the options and specifics of the rental agreement and will make a good base for other rental properties.
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