If you want to rent out a property you own to someone else to live in, it is essential to ensure you create a lease agreement. You want to cover all possibilities within that lease.
You will have the typical things, such as terms, payment amount, whether you allow pets, general usage rules and the basics expected in a lease. But you may wonder what additional things you should put in the agreement.
You should include something in the lease that explains what happens when the lease term ends. In most cases, it will revert to a month-to-month lease, but you do not have to do that. If you wish to renew the lease, then make sure to include that in there. You should also give notice about how and when to advise you about their intentions at the end of the lease.
You should specify all fees you may or will charge. Make sure you list them out with exact explanations of when and why you will impose them.
You also need to include information about what will happen when they move out. Make sure to cover the security deposit and how you will calculate how much they will get back.
It is important that you understand the law when deciding what to put in a lease. If you include terms that are against the law, then a court will not uphold them. You could set yourself up to lose your whole case if you need to take a renter to court for some reason.