Renting your property out? Ensure you include these points in your lease agreement

Julie Brownlee, Fsp Invest, 20 May. 2015

Tags: lease agreement, rental agreement, renting out property, property, property investor, landlord tips,



When you rent out your property to tenants, it’s vital you have a solid lease agreement in place.

You need to get your tenant to sign this before they take up residence in your property.

So what should you include in your lease agreement?

Read on to find out…



Seven crucial points to include in your lease agreement


Point #1: The tenant’s details
You need to include your tenant’s full name and ID number in the lease agreement.

Point #2: The property’s details
The details of the property the tenant is renting out, including its full address.

Point #3: The period of the lease
You need to detail the period of the lease, including a start date and an end date. If the lease is for an indefinite period of time, this detail should be included in the lease.

Point #4: The rent due
You must detail the amount of rent the tenant is to pay. If you plan to increase the rent after a certain period of time, you must include this in the lease too. And include the date of the month when you must receive the rent by.

Point #5: The deposit
Detail the deposit amount and when you must receive this by. A good rule of thumb to work out the deposit amount is to use one and a half times the monthly rental amount.

Point #6: Use of the property
You must detail aspects like if the property is for residential or business use, the number of people allowed to stay in the property and what modifications (if any) the tenant can make to the property.

Point #7: Access to the property
You must include a clause that states you can access your property at reasonable times. For example, to inspect it or carry out maintenance.

These are just some of the points that you should include in your lease agreement.

So there you have it. Include these points in your lease agreement is you’re renting your property out.

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