Landlords: Why You Shouldn't Draw Up Your Own Leases

 Posted on February 11, 2016 in Property Taxes

As a landlord, you probably love being able to run your own business. In fact, you might try to handle as much of your renting business as possible, such as performing maintenance on your rentals and handling your own advertising.

It might seem natural to handle your own leases when you're renting out your real estate, but this is one thing that you should count on a professional to help you with instead. These are a few reasons why.

Templates Might Not Work for Your State

A lot of landlords just like you assume that they can handle their own leases because there are so many templates online that they can download and use - often for free.

The idea might be appealing, and the leases that you find might have been prepared by lawyers, but this doesn't mean they one of them will be a good fit for you.

The main thing that you have to be concerned about is the fact that the lease could be written for a state that is different from yours. Since every state has different laws in regards to landlord and tenant laws, this can be a big deal.

Even if you are able to find a lease that was prepared for your state specifically, it might not be up-to-date.

A better choice is to hire a lawyer who is knowledgeable about the most recent laws in your state. Then, you can ensure that your lease reflects them.

You Have to Ensure That You're Protected

When you're first meeting with a potential tenant, everything can seem great, and it might not seem like a big deal to write up a lease that will protect you. However, things can go awry fast, and this can leave you in a very bad situation.

This means that you need to ensure that your lease protects you in the event that you end up with a bad tenant - or just a tenant who doesn't pay his or her rent - up to the fullest extent of the law. Since your lawyer will be working for you, he or she will make sure that your lease protects you in every way possible. This can make a big difference in your life if you end up with the wrong tenant in your rental.

It's Critical to Ensure That You're Following the Law

You can get in big trouble for violating landlord-tenant laws. Just because a tenant agrees to something and signs a lease doesn't mean that it's legal. Your lawyer can help you ensure that your lease follows all of the laws in your state.

Make Sure That You Know What's in Your Lease

Leases can be pretty confusing, with all of the "legalese" that is written into them. This type of writing is necessary for legal documents, but that doesn't make it any less confusing.

If you hire a lawyer to help you, you won't just be hiring someone who can prepare your legal document for you. You'll also be hiring someone who can talk to you about your document and explain it to you. He or she can explain the lease to you and answer all of your questions. Then, not only will you understand what you and your tenant are signing, but you can also explain things to your tenant if necessary. Then, everyone will know what is going on.

As you can see, it really is best to hire an attorney who specializes in real estate law to help you draw up your leases. If you need assistance, contact us today to find out more about our real estate law services.