Terms of a Lease Agreement
As a landlord, you’ll be creating the lease agreement that your tenants must abide by. Because you are the owner of the property, the lease agreement can be as simple or as difficult as you choose. If you recently purchased an investment property and are unsure how to draft a lease agreement, take a look at our guide to the most common terms found in a standard rental contract. For further assistance in drafting up the agreement, an expert Las Vegas real estate attorney can be of help.
Cost of rent – Of course, you’ll have to incorporate the cost of rent that will be due each month. You’ll want to be specific about the time and place that it is due. Be sure to include any late fees and by what date these fees become activated. Landlords essentially have no limit as to what they can charge in rent. However, the landlord must charge the same rent for every possible tenant regardless of race, gender, or other characteristic.
Additional fees – These fees can include a security deposit, cleaning deposit, last month’s rent, or a pet deposit.
Tenancy term – This will state exactly how long the tenant is renting out the property. The contract should list the starting date and a specified ending date. More often than not, leases have a term of one year.
Unit condition – This will specifically state the condition that the unit was in prior to the tenant moving in and the expected condition that the unit must be in upon the end of the lease.
Tenant and landlord responsibilities – The agreement should lay out the exact maintenance responsibilities of the tenant and landlord. Typically, the tenant is responsible for keeping the property in clean and good condition. They would be obligated to pay for any damage caused by themselves. The landlord, in some cases, could be responsible for landscaping and even minor repairs such as a leaky faucet.
Limits on behavior – Only naturally, most landlords are going to prohibit illegal activities from taking place in the house such as drug deals or rowdy parties. Some landlords may be more strict as to prohibit smoking inside the unit.
Extended absences – In the event the tenant takes an extended vacation, some landlords may require the tenant to inform them of their absence. Some clauses on the matter could include the right for the landlord to enter the unit during this time in order to maintain the property.
Drizin Law is providing this information for educational purposes only. It should not be construed as legal advice or a legal opinion as to any specific facts or circumstances. This information is based on general principles of Nevada law at the time it was created and you should be aware laws frequently change. Moreover, the laws affecting you may differ depending on the circumstances. You should consult with a qualified attorney in your own state or jurisdiction concerning your particular situation. Review of this information does not create an attorney-client relationship.
