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Why You Need a Lease Agreement

Friday, March 15, 2019   /   by Harvey Rosenberg

Why You Need a Lease Agreement

Whether you are renting as the tenant or the owner, a lease agreement is imperative to protect both parties. It's not as simple to merely have an agreement that states what is owed and when. We'll look at why you need a lease agreement and how to make it easier to come to terms both parties agree with.


Clear Definitions

When you have a lease agreement, put everything you can think of into it so that you have a clear definition as to who is responsible for what. Even if this is a lease between friends or two people that know each other, it's important to have this in writing. 

Consider things such as the following:

  • How Much is Rent
  • When is Rent Due
  • What's the Late Fee 
  • Where are payments sent
  • What is the Pet Policy
  • What is considered Emergency Repairs
  • Who's responsible for lawn maintenance
This is just a few things to consider. Items will vary depending on the home, the location of the owner, and other special circumstances. 

Avoid Legal Battles

When you have a lease agreement, with clear definitions, legal battles should be non-existent. This works for both parties. If the tenant is late on rent, the owner has a clear path of action to take. Alternatively, if repairs are not taken care of, the tenant can use the lease agreement to remind the owner what needs to be done. 

Property Management for Tenants and Owners

Using a property management service, such as Realty Professionals, protects both parties involved in leases. A professional property manager will take care of things such as the collection and payment of rent, maintenance coordination, rental applications and lease agreements via a lawyer. 

As for tenants, a professional property management company offers a secure and convenient way to pay rent. This protects the tenant with a clear transaction history. Additionally, submit maintenance requests online so that the request is clearly documented.