In order to be a good landlord and have tenants that respect the rules, property owners must have a solid lease agreement. There are plenty of standard leases out there but the best ones are specific to the property. While a standard lease may be a suitable starting point, responsible landlords make significant changes prior to putting the document in front of a prospective tenant.
Landlord Responsibilities
Property owners should pay particular attention to the section that outlines their responsibilities. A court will hold them to anything they agree to do in the lease. If the landlord wants the tenant to be responsible for their own yard work, they should be clear the standard lease they use doesn’t say they will take care of the landscaping. A landlord and tenant attorney in Chicago can review a property owner’s lease agreement to ensure it complies with local laws. By working with an experienced attorney, new rental property owners may be less likely to have tenants challenge their lease in court.
Tenant Responsibilities
Tenants rarely read lease agreements prior to signing them. However, this doesn’t mean landlords should take advantage of new tenants. By clearly outlining the things a tenant will be responsible for while they live in the unit, landlords have a legal document to back them up if they have to evict a tenant. In most cases, eviction is a last resort and if the property owner does need to remove a tenant, a landlord and tenant attorney in Chicago may represent them in court. Ideally, a landlord and the people who reside in the property will be able to work things out without having to go to court. Eviction is expensive for both parties and should be avoided if possible.
New landlords should take their time on their lease agreements, consulting with lawyers from Starr, Bejgiert, Zink & Rowells to ensure the lease protects their interests while still making the home a comfortable place for tenants. Being a landlord can be a great way to accumulate wealth. However, without a good lease, renting out an investment property to tenants could be a nightmare. Like us on Facebook.
