What should be included in a rental lease?

Question

I am planning to get a roommate to move into my condo. I have never rented nor rented out a space before so I am unsure of how this process works. I plan to draw up a legal contract for the lease but what stipulations are typically included in it? Also, if anyone can direct me to any resources for this it would be greatly appreciated!

Answer 1

Normally a lease is a boiler plate legal document geared for your specific state. You aren't really doing a lease, you are doing a written legal agreement. You don't want to do a formal lease with a room renter, it gives them more rights than you are probably anticipating.

What you should include in your contract are all the things a lease might contain plus more things like utilities--do you expect them to pay a portion? Policy on visitors, smoking, pets, giving notice, can they use the washer/dryer, deposits, etc. You want to be fair but you also want to be clear. Being clear gives you both a written set of expections to refer to if it gets strange somewhere along the line.

Get a boiler plate rental application and do a credit check on them or have them pull their own report and give you a copy. You will want their social security number, date of birth, where they work, former landlord references and you need to call the references. You don't want someone who is a professional scam artist taking possession of your room. You need to check them out.

Answer 2

You should spend $39 and get Lawyer 2007. It has sample lease agreements and everything you need to protect yourself.

When you get done, read it and ask yourself if you would sign it. You have to be realistic and reasonable.