Last month we wrote about some of the steps you can take to determine which tenants are right for your property. Today we want to go a step further and see how you can prepare a rental agreement that protects you and your investment. Note the day of each month when the rent is due and the payment must be sent. If you intend to collect late charges for late rents, the agreement should specify this. For example: “If the tenant rents more than 5 days after the due date, an additional $50 is charged.” 4 If you do not understand part of this lease, we ask the owner for a written explanation before signing it. The pre-printed portions of this lease have been previously approved by the Attorney General of Pennsylvania. According to the Of this of Attorney General, a previously approved consumer contract meets the legibility test provided by Section 2205 of the Plain Language Consumer Contract Act. Prior authorization of a consumer contract by the Of ce of Attorney General only means that simple, understandable and readable language is used. It is not a substantive agreement or the legality of the treaty.
The lease agreement should establish clear rules for housing on the land. Can you keep pets? If so, which species? Can you make changes to the property, for example. B paint the walls? Let the tenant know what they can and can`t do, and the penalties for violating these rules. By entering into a tenancy agreement that compiles the terms of payment, the rules that tenants must follow and the consequences of a tenant breach of contract, you help ensure that your first attempt to own a homeowner is smooth. If you are an owner in Pennsylvania, you must also use a state-approved Plain Language Lease to remain in compliance with national law. The tenancy agreement must also include the amount of the deposit and the circumstances in which it is returned to the tenants. If you do not leave the accommodation in good condition, the deposit will generally not be refunded. First, give your lease a title that makes it clear that what you give to your tenants is in fact a legal document.