Do you know what’s the most overlooked aspect of renting my house in Houston, Texas? The lease agreement. For some reason a lot of landlords in Texas think it’s not all that important but it is. So if you’re looking to rent out my home in future, try to understand what the lease expects of you. And not just the basics, but all the details that define a full residential lease agreement.
In today’s piece, we’ll be educating potential landlords in Houston, Texas. We’ll start by defining what a lease agreement is, move on to how it benefits both tenants and landlords, and maybe finish this off by answering a few most asked question.
What’s A Lease Agreement?
It’s basically a legal contract that defines the terms and conditions agreed upon by a landlord and tenant. F course, this is something that you already know. What you don’t know is the kind of protection it provides to the tenant or even how it helps a landlord in Houston, Texas.
Well, for the property owner, it really doesn’t do much. But for a tenant, it does more than just offer protection.
Knowing you’re guaranteed rental income for a certain amount of period is probably one of the main benefits derived from a lease agreement to a landlord in Houston, Texas. by signing the document, the tenant is essentially telling the property owner that they’re willing and ready to commit and pay rent for that period. The agreement will also outline the terms of renewal. And this is important because then you get to plan for the future.
Have you been thinking of financing or refinancing my Houston, Texas home? Well, now you can, and very easily, thanks to the lease agreement. The thing is, banks are usually thorough when reviewing mortgage applications in Texas. So when you’re making an application, you’ll want it to prove that you can handle your finances. And by including the contract in there, you’ll basically be telling them you have a way of paying back what you’re asking for.
Elements Of The Agreement
Name and serial number
The document is a description of all the parties involved so the tenant and landlords names have to be on there. if you’ve registered your business as an LLC, use the name that it’s registered in. Don’t use your own name because you’ll be exposing yourself to some sort of liability.
The signature
At the bottom page, you’ll see some dotted line. That’s the signature section. The tenant has to sign it first, and not the landlord. That’s because it’s assumed the tenant might choose to remain with all copies of the singed document and leave the property owner with none.
Renewal, duration, and termination
Right after the introductions, you’ll find the duration, the manner in which the rent is to be paid, and the total rent amount. And if the municipality has rent control measures, that will be included as well. make sure you understand the wording in this section because if you violate any, you’ll be thrown out without compensation.
Those are the important sections. If you want to learn more about the remaining sections, just reach out to We Buy Fast Houston Houses.