All landlords are aware that it is important to establish some guidelines for tenants to develop a great tenant-landlord relationship and an overall great renting experience. If these guidelines are put into writing through rental or lease agreement, it can function as protection for both sides. Once anybody breaks any of the regulations that are stated in the lease contract, then you can use it to provide a legal solution. Below are some of the fundamental rules that all lease contracts should contain that you should know as tenants:
You must be particular on the amount of yearly or monthly basis and it must be stated in the agreement. The agreement should also include the payment dues, your preferred means of payment, and when is a payment considered late. If you want to dissuade your tenants from paying late, you can set charges for bounced checks or penalty fees for late payments.
Advance and deposit payment
Usually, a security deposit is mandated by landlords from their renters to guarantee that the tenants will continue to abide by the agreement. Once the tenant has already over the lease terms, it’s refunded at the end of the lease period. Sadly, the security deposit is usually the cause of confusion and tension between tenants and landowners. To prevent having some misunderstandings, it is important to emphasize, specify, and be clear in your agreement on how you will utilize and return the deposit.
Your right of entry
Your agreement should include when it is proper and legal for you to visit the property—to do regular maintenance, make repairs—and makes sure to be particular about the least amount of time that tenants will be provided notice before you visit their property. This is the safest thing to do to avoid tenants to claim a violation of privacy or illegal entry.
Names of all renters
The agreement must have the names of all the renters who will be living in your property. You should include your tenants’ names to guarantee that every one of them will be liable for the terms and conditions of the rent. Also, this signifies that they are only the ones who are acknowledged and authorized to live within your real estate in Penrith. You can use this as your basis for eviction if in case any of your tenants will allow a relative or friends to move in or sublease to a stranger without asking for your permission in the first place.
As a landowner, you have the right to decide whether you allow or disallow pets on your premises. If you can allow pets, you need to be particular about the size limit and the kind of pets you can allow your tenants to bring in. Do not forget to add some guidelines about how they must do pet care in your property. Such guidelines should contain whether they must be leashed once in common grounds or hallways.