What are my rights as a landlord?

Question

My husband and I are getting ready to rent a house in Oklahoma. A guy he works with wants to rent it, and my husband doesn't want to make him sign a contract. He tries to tell me we have more rights if we don't have one, but I think it's a horrible business decision. They could tear the house up and we would have no recourse. He insists he knows the guy and they will take good care of the house. Does anyone know anything about this? What rights would we have if we didn't sign a contract? Are there really any benefits to this?

Answer 1

Err on the side of caution. You MUST draw up a contract/lease. By not doing this, you also cheat your tenant of his/her rights. This can be used AGAINST you in court. Go to www.rentlaws.com. They have landlord/tenant laws for every state.

Answer 2

The laws vary from state to state. Check out your state's laws!
In California all the rights are on the tenants side (tenants can drag out being evicted for the better part of the year, even if not paying rent), in Colorado on the landlord's (the landlord can evict in three days).

Answer 3

I think it is a bad idea to go without a contract as well. An official lease can protect both you and the tenant. You'd be surprised at how some people can change when money is involved.

Answer 4

Respectfully, your husband is nuts. I've dealt with family and friends in business and it is MORE IMPORTANT to have a written agreement with them than strangers.

Communication is not so good with family and friends and many things are assumed. That breeds confusion and potentially contempt. Chances of an argument is drastically reduced when it is in black and white.

I understand his opinion about rights and contracts however, I completely disagree.

Answer 5

It would be your word against theirs in most situations. I would do a lease agreement regardless. This is for their protection as well as yours.