A strong lease includes several important things that may not be apparent to property owners. Today, we’re sharing a few of the items that must be in your lease, regardless of who you’re renting to, and for how long. A good property management company will have a strong lease in place to ensure your property is handled professionally.
First, you need to have the rental amount that’s due each month, as well as the security deposit amount. That security deposit should include any additional deposits for things like pets. You also need to reference where the security deposit will be located. State which financial institution holds that deposit. Remember that it must be in the state where the property is located. It’s important that you don’t comingle the funds. You cannot put the rent into the same account as the security deposit. You need a separate account for the security deposit, and you need to leave it alone until your tenant vacates the home or unit.
Your lease needs to include information about pets. It should list any pets that are going to occupy the home or the unit. Also, include information on automobiles and occupants. Your lease needs to have the names of each occupant, even if they are not on the lease as being financially responsible.
In Washington State, a lease with a specific duration is known as a periodic lease. Neither the owner nor the landlord nor tenant needs to give notice that the tenancy will end. So, tenants can move out at the end of the lease without notice. When you’re 30 days out from the end of the lease date, make sure you notify the tenant in writing, or ask them to notify you in writing if they will continue living in your property. In a month-to-month lease, there is a 20 day notice period in some parts of Washington, and a 60 day notice period in other parts of the state. Check your local carve-out in the landlord tenant laws.
You also need to reference insurance, locks and keys in your lease. Specify whether your tenants can change the locks and if they do, make sure you get a copy of the key.
Your lease is an important document. Make sure you have the proper information in there to protect you and your property.
If you have any questions about your rental agreement or anything pertaining to property management in southwest Washington, please contact us at SunWorld Group.