Good Leases Are Legal Leases. How's Yours Mr. Landlord?

CLICK HERE to watch our FREE
Step-By-Step Real Estate Investing Videos

Real Estate investor Base Camp Presents...

Good Leases Are Legal Leases. How's Yours Mr. Landlord?
by Mark Walters

Hey Landlord! Is Your Lease Legal?

The longer you are a landlord the more you strive to create the perfect lease/rental agreement. Landlords learn in the school of hard-knocks that some tenants are certified trouble makers and we try our best to protect ourselves with a carefully structured, restrictive lease.

That's just good business.... but be careful you don't include any provisions in your lease that may not be legal. For example...

It would be illegal to include a provision that states the resident agrees not to include his or her lease (the lease on your property) in their bankruptcy filing... should their bankruptcy become necessary.

Bankruptcy laws are Federal.. lease law is state law.

Anyone can file for bankruptcy and invoke all protections afforded to them by the U.S. Bankruptcy Code... including not making lease payments... at least temporarily.

More below...

***********************************************

SIGN UP FOR KILLER FREE E-COURSE!
Get Instant Access to my
Jam Packed Investing E-Course...

"What You Need To Know To
        Win With Real Estate!"

First Name

Email

* Your information will never be sold or disclosed to anyone.
   I respect your privacy and hate junk email with a passion!

    The Ecourse will be sent to you via email -- each day for the next seven days. Simply submit your first name and email address in the form above to receive "Part 1" of this Ecourse in your email box.

***********************************************

Here's another caution...

It would be illegal for your lease to require that residents be responsible for injuries he or she sustain during the lease term. The law can legally hold landlords liable for damages and injuries caused due to negligence. A landlord cannot contract that away.

How about repairs....

The same would apply to a requirement that the tenant be responsible for all necessary repairs. In every state the law mandates that landlords perform certain repairs to maintain the property and keep it habitable.

Does your lease contain a clause concerning attorney fees?...

Requiring a renter to pay for all of the landlord's legal fees and costs regardless of a court case out come would also be a lease no-no.

Most good leases have stood the test of time and will help you avoid legal problems. Just don't ask tenants to sign it until you have read and completely understand every line of the lease you are using.

You'll find the lease we use here...   http://digbig.com/4ckcd

About The Author - Mark Walters has written "Single Family Homes - The No Risk Investment".

Real Estate Article Index Real Estate Investor Base Camp

Cash Flow Institute LLC
9524 W. Camelback Road #130-198
Glendale AZ 85305
info@cashflowinstitute.com

5day agent-abc appraisal assets assets2 assets3 assets4 best bigdaddy brad buyer-rents buy-land closing-cost contracts contractors contract danger dating disclaimer durrett ebay fico foreclose forms forepop freebook freere goodlease guru heirs hp12c hud impounds home joint judgments judgment debt land-contracts landlord land-trusts payments living-trust leaseop lonnie lonnie2 love-landlord lucier-options turnaround mobile-rehab monster-marketing nodown note-info number-cruncher one-two partition pmi policy postcards preconstruction privacy probate probate2 quick-profits article-index escrow realtrac resources scruggs short-sales skip-trace spooky stock-market-guide subject to sub2 sub2software newsletter real-estate-success real-estate-success2 investigate save-the-manatee sweet-spot target-marketing title-search wrap-around-mortgage zero-taxes spider-map affiliate