What should be covered in a lease? Owner’s Checklist

Regardless of how you decide to write your lease, you’ll need a few tools to help you get the best possible lease. I’m personally a sucker for checklists, so it makes sense to use one to help you understand what you need to have in the lease you ultimately decide to use.
The checklist below is probably very similar to the one an attorney would use as a reference if they were drafting a lease for a client. This checklist will be extremely consistent, wherever you live.

We’ll go through the checklist and I’ll give a brief explanation of each item as I list it. Please note that not all items may not be required, but should be considered. A good attorney can help you decide.

Parties- The people involved in the lease. Each person or entity is a party to a lease. You could have two parties or many parties to a lease.

Names: All parties or entities in the lease must be named.

Address of the parties if it is different from the leased address.

Other identification, as needed.

Object of the lease

Address or legal description of the property; address of the property to be rented.

The purpose of the tenant, whether residential, commercial, agricultural, etc.

Restrictions on the use of the property: limits on use and occupancy.

Duration of Lease Agreement or Option: The length of the agreement, including start and end dates.

Provisions to include in the subsequent lease

Parts: Usually refers to names of minors/pets.

Subject to a fixed term-day on which the rent is due and when it is considered late.

Rental payments: payment amount and security deposit.

Access to the property right to enter the property for emergency, repairs or timely review of the condition.

Designation of party responsible for repairs: who is responsible for what repairs and what actions are taken if repairs are not completed on time.

Identification of accessories: what goes with or is related to the rented facilities (appliances, equipment, etc.)

Responsibility for utilities: who pays for sewer, water, garbage, etc.

Liability for Taxes and Assessments: In some leases, tenants are responsible for these items.

Provisions of the renewal option: conditions and terms for the renewal of the lease of premises.

Purchase option provisions-conditions and term for the purchase of premises.

Transferability of the lease, whether or not you can sublease.

Execution date: when the lease agreement was signed by the parties.

Signatures-signatures of parties.

This completes the checklist that you can use to structure your rental agreement. It is very likely and, in fact, quite common that you may include other provisions in your lease in addition to those listed.

For example, many people write their rules and regulations in the lease itself. These regulations cover things like noise, lockouts, pets, and parking. Other landlords just hand over the rules as an afterthought, but can write amendments to your standard lease whenever they feel necessary.

Regardless of what you decide to include in your lease, make sure you can get the job done when needed; in a court of law.