A lease is a legal document that outlines your role as a property owner and the rules that will govern your tenants. Because you’ll use the lease to protect your property and secure your relationship with your tenants, it’s important to make sure the document is as thorough as possible. With this in mind, make sure your lease addresses the following topics.
The Parties Involved in the Transaction
When you want to create a lease that follows Maryland landlord/tenant laws, it’s important to specifically mention the property and parties involved in the contract.
Provide your full name as the landlord or property owner and include the full address of the property you’re leasing. Leave a blank space for each tenant’s name, contact details, and signature.
Specify Any Required Deposits, Rent, and Fees
Every lease must have a section that sets out the amounts and terms of the payments your tenant will deliver to you. Include the security deposit for the unit. If you allow pets, set the pet deposit and any applicable pet rent in this section as well. Last, but most importantly, include the monthly rent and any fees that will be charged for late payments or extra services.
Establish Rules of Conduct
One section of the lease should provide rules of conduct for your tenants. In this section, you can prohibit or allow smoking, pets, overnight guests, and other common practices. This can help to ensure you can enforce these rules or apply penalties for violations.
Outline the Rights and Responsibilities of Each Party
Establish who’s responsible for pest control, maintenance, and repairs. In some cases, you might split these responsibilities between your tenants and yourself. For example, your tenants might be responsible for changing the HVAC air filter, while you’ll take care of inspections and tune-ups for any HVAC equipment.
Get Assistance With Rental Contract Management
Reliable Property Management, Inc. provides a wide range of management services that include drafting and issuing sound lease agreements. When you need professional property management services, contact us online or call us at (443) 869-3799.