BuyIncomeProperties.com – There are two forms on this site, designated Lease Agreement and Lease Agreement II. The first one is clearly intended for Pennsylvania, using terms such as township, which won’t be expected in most states. It also calls for both a deposit and last month’s rent (nice if you can get it, but many markets won’t go for that). Additionally, it says the landlord is taking responsibility for water and garbage, so you’ll want to change that unless you want to pay those (and there is specific language about what days garbage is picked up that you’ll need to adjust or drop).
What to Pay Attention To
One big problem is it says the landlord will take care of “necessary repairs” without defining what is necessary or who gets to determine what is necessary. What the landlord and tenant think is necessary are going to be different things without written guidance. You’ll have to clean up this language.
Section 13 allows the landlord to enter at any time without notice; again, in most locations, this is illegal, no matter what is agreed to in a lease. Forcible entry is not something you hear about often, but as a landlord or property manager, you don’t want to be found guilty of it! Best to adjust this language to the specifics of notice and entry allowed by law in your location.
Section 14 waives the notice to quit (giving the landlord the right to take possession any time there is a breach like failure to pay). I don’t know of anywhere where that is legal (again, despite what is agreed to in a lease). In most locations, acting on section 14 would be considered constructive eviction by the court, and the judge would likely be disinclined to show you any mercy. Be very, very careful on section 14. If you want to keep it in, you need to ask an attorney if such a clause is possible in your area.
Is BuyIncomeProperties Lease Good Then?
Otherwise, this BuyIncomeProperties lease does have some of the clauses you would want: severability, successors, entire agreement, but is missing some like remedies cumulative and choice of law, and the sublet prohibition clause is entirely too weak. On the whole, not the worst I’ve seen, but a few serious issues have to be addressed before it’s usable.
Lease Agreement II looks remarkably like the one used to come with one of those “nothing down” get rich packages people ordered on TV in droves in the ’80s and ’90s. Maybe that’s just a coincidence. This agreement does a decent job of covering the clauses you want to see in a lease, including a few you seldom see anywhere else but are helpful, like failure to deliver possession and subordination to the mortgagor.
It covers most typical rules and regulations, though you’ll likely think of a few to add. The only glaring weakness is section 13, which grants the landlord right to enter at any time without notice. As we’ve seen on other leases, this is likely void under the law in most locations. There can be an emergency clause (can enter in case of emergency), and you can argue about whether it was an emergency later. Still, any right of entry clause needs to specify how the tenant will be notified of the entry and conform to the law. For example, if it’s not an emergency in my location, we must give 48 hours’ notice of entry — it doesn’t matter what’s agreed to in the lease. Other than that, this is a solid form that, with just a little tweaking to meet your specific needs, is a good starting point.
Here is a link:http://www.buyincomeproperties.com/FreeRealEstateForms.htm
Or check our article about the best lease agreement service we found: Best Rental Agreement Site.