Did you purchase a new home with the intent of renting it out to bring in extra income? Before renting to tenants, you may want to hire a real estate lawyer to draft up a lease agreement to protect your rights and property. In this article, you will discover how a lawyer can draft up a lease agreement that is binding in court in case you rent to the wrong type of tenant.
How Can a Real Estate Lawyer Draft Up a Lease Agreement?
A real estate lawyer will be able to make sure everything is included in a lease agreement to legally cover things that may go wrong when renting to a bad tenant. The main thing that will be included is what will happen if the rent payment is not received on time. It is important to have the exact date that the rent should be paid in the lease, as well as a late fee if you wish to charge one.
The lawyer will also outline the consequences of damage to your property. A lease agreement will give you the right to sue tenants when they neglect your rental home, which can prevent you from having to pay for repairs out of your own pocket. You should also include whether or not you will allow tenants to change the color of paint or flooring materials in the lease.
Other aspects of the lease will include the utilities that the tenant must pay and how the landscape must be cared for. You should include who will be responsible for mowing the lawn or tending to plants. A lawyer can detail how the tenant must maintain the landscape if you don't do it on your own.
How Much Does a Real Estate Lawyer Cost?
The cost will vary to hire a real estate lawyer depending on who you decide to hire. You can expect to pay an hourly rate that is at his or her own discretion. Lawyers with a good track record and years of experience are usually more expensive than others.
Make sure your rental home is protected from bad tenants that may damage the property or fail to pay rent. A good lease agreement will give you the right to file for eviction and sue for damages if necessary. Hire a real estate lawyer from a firm like Iannello Anderson to draft up a rental contract before you begin renting out your home!