So you’ve bought your first rental property. You spent months of researching homes, crunching numbers for positive cash flow, visiting homes on the market, calling realtors, negotiating with loan officers, considering property management companies, reading countless rental property tips blogs, etc. The process was tough, but you’ve made it to the next phase: landing your first tenants.
After positing rental listings on Craigslist and Zillow, you’ve found some potential rental property tenants. You then realize: I don’t have a lease agreement! Real estate laws are complicated and vary from state to state and county to county. You don’t have the money to hire an expensive contract lawyer.
Don’t fret! 8 Day Home Sale has put together a Lease Agreement template. While this lease agreement template is tailored for Maryland, it is generic enough to apply to most states/counties. In addition to establishing a standard rental contract based on monthly payments between the landlord and seller, the lease agreement:
- Enables the landlord to require a security deposit
- Protects the landlord from liabilities i.e. breaking of local laws
- Prohibits unsafe activities i.e. smoking
- Absolves the landlord of appliance maintenance responsibilities
The lease agreement can be easily modified and clearly marks where details need to be filled in. The rental agreement template is available for download as a docx and pdf.