Orlando is home to plenty of people who rent houses, condos, and apartments. It's an excellent place to invest in real estate!
For success as investors, landlords need to include specific items in the lease agreement to protect themselves legally from any issues that may arise. Is your lease strong enough to protect your properties? The following is a list of what Orlando, Florida, rental owners should include in their lease agreements.
Why Does a Strong Lease Agreement Matter?
Downloading a lease agreement template might be the easiest thing to do, but it's not the smartest way to create a lease that protects your rentals and income.
When creating a lease, property owners must put an airtight document in place to avoid lawsuits and define the terms for tenants to live in your rentals. When a basic lease agreement falls short of citing every necessary detail to operate your rentals, investors can face legal issues, liabilities, and fines. They can also lose the ability to operate legal rentals in Orlando.
To generate a lease agreement form that's free of loopholes, gray areas, and potential ways tenants can break the rules (without consequences), work with a property management company and your legal counsel to ensure everything is in place!
What Does My Lease Need?
From tenant responsibilities to your responsibilities, a rental owner needs a legally binding document to govern activities in a rental property. While a simple lease agreement can work, it must be thorough.
It's important to set expectations early on, so neither tenants nor landlords are surprised later by what is or isn't allowed. Orlando landlords should include any necessary tenant restrictions in the lease agreement. These may include restricting pets, smoking, and noise levels while living in a rental home. The lease should also include rules about having emotional support animals or service animals and the request and approval process to make it happen.
Entering the Property
Orlando property owners need to be able to enter units as needed during working hours with 24-hour notice when required (i.e., if there was an emergency). This can help prevent costly damages from occurring before they're noticed too late!
However, make sure the lease agreement form respects your tenant's privacy and documents how you'll let them know that you'll be on or in the property before it takes place. Property owners must follow landlord-tenant laws when performing maintenance or conducting inspections in an occupied rental.
Rent and Fees
Your lease agreement should include a list of all fees that will apply during the term, including rent payments, parking expenses (if applicable), and application fees.
This section should also include due dates for rental payments and other fees, plus details about when a payment is "late." If you collect late fees for past-due rent, include those details in the lease.
Tenants should pay for all damages they cause during their stay in your rental. The lease agreement should outline what you consider "tenant-caused" damage vs. normal wear-and-tear and the penalties and process for assessing damage and costs.
This section should include the security deposit amount, how it's collected and refunded, as well as what happens when a tenant moves out of your Orlando property. You may also want to include details about the pet deposit or emotional support animals in this section.
The lease agreement should include the names of all tenants and a copy of their driver's license, government-issued ID card, or passport. Make sure every person that lives in the property passes your screening process, meets the criteria, and is listed on the lease!
Include any details about the rental property, including the address, local requirements for property identification, square footage, number of rooms, and amenities. This ensures that there is no question that the details in the lease apply to a specific rental property.
Length of Tenancy
The length of tenancy may vary based on your property needs and local landlord-tenant laws in Orlando! No matter the length of the lease, make sure it's clearly defined in the document, starting with the date the lease begins through the date that renters must move out at the end of the tenancy.
The lease should include details about what subleasing entails, if it's allowed at all in Orlando and how to go about doing so (i.e., getting permission from the landlord). If tenants aren't allowed to rent out part or all of your property as a vacation rental, make sure that's clearly explained in the lease.
An Orlando Florida Property Management Company Helps Landlords Create Air-tight Lease Agreements!
Orlando landlords must make sure that their lease includes all necessary items to protect them legally from any issues that arise during the rental period. There is no room for the oversight! If you're unsure if your current lease agreement will do the job, work closely with our Verandah Properties experts to review and update your lease!