Whether you are renting apartments or single-family residences, you need to use a written contract and forms. There are several forms you should have on hand at all times. These include, but are not limited to, lease application forms, lease agreements, lease renewal notices, notices to vacate, eviction notices, and receipts for any payments received. There are many sources for finding free forms, such as your local library, real estate agents, and your real estate investment club or professional association.

You want contracts and rental forms to be as concise as possible while still containing essential terms that protect you and your property. The purpose of contracts is to avoid any misunderstandings. The landlord and tenant relationship is not an adversarial relationship. You want your residents to also feel that they are protected and appreciated in the agreement.

Professional associations

 
Start with this group when thinking about forms and where to source them. Experienced landlords will have insight on paperwork and often-overlooked clauses that you will not think of until the need arises. These professional associations also provide publications to assist with tenant issues and help you remain in compliance with all laws pertaining to landlords and tenants.

Real estate brokers

 
You should already have an established relationship with a few agents who specialize in rental properties. These real estate brokers have access to standard landlord forms and other useful publications through the National Association of Realtors (NAR). Contract requirements vary by state. They should be familiar with the content of these forms and know from past experience any additional terms that should be added such as policies for drugs on premises or other illegal activities.

Your attorney

 
Using these standard forms is perfectly legal and binding to all parties. You may still wish to create your own lease agreement, which can include your company name and specific clauses pertaining to your properties. It is well worth paying your attorney to draft such a contract. Your attorney will be sure the contract includes all necessary disclosures and complies with the laws for your area.

Be sure you have thoroughly read any form you plan to use. You want to be prepared to answer any questions tenants may have and address any concerns. You do not want to frighten away good tenants with numerous pages of fine print. Give them adequate time to read all required forms before signing.

The execution of a lease agreement should be the beginning of a long-term, mutually beneficial relationship for you and your tenants. Take the time to get it right so you can start off on the right foot.

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Theresa Bradley-Banta writes about investing in real estate while avoiding the pitfalls that plague many new investors. She is a 2017 PropTech Top 100 Influencer and winner of 14 American and International real estate awards for her website and real estate investing programs. As featured on: The Equifax Finance Blog, AOL’s Daily Finance, Scotsman Guide, The Best Real Estate Investing Advice Ever Show, Stevie Awards Blog, Rental Housing Journal, and Investors Beat among others.