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[Music] hello landlords welcome to our quick and easy explanation of what a lease agreement is and why you need one let's get to it did you know that without a lease agreement you may risk losing thousands of dollars without a contract you could be liable for property damage have a hard time collecting unpaid rent and more the good news is it's easy to create a lease agreement and once you understand the basics you'll be a landlord pro in no time first let's start by defining what a residential lease agreement is a residential lease agreement is a legally binding contract that explains the obligations and rights of both the tenant and landlord having a lease agreement helps you avoid disputes with your tenants and fix problems when they arise in the case where you have to take action to protect your property police agreement is your first line of defense next let's go over what should be included in a lease agreement basic terms should include the property to be rented names and contact details for all tenants who will be living in the property how rent will be paid including the amount payment method and frequency terms of the security deposit duration of the lease agreement landlord and tenant responsibilities rights and rules around accessing the property and late fees property to be rented the address of the property how many tenants are allowed to live on the property what utilities are covered by the landlord versus the tenant rent price the set amount of money the tenant will pay in order to live in the property and which day of the month the rent will be paid on you can determine rent price by researching comparable rental properties on sites such as zillow or trulia security deposit a security deposit is a separate fund the landlord requests from the tenant and these funds may be used to pay for unpaid rent or damage to the property in most cases this deposit is equal to one or two months rent and kept in an escrow account for the tenant it is best to check with your specific state's rental laws on security deposits as they do vary by state duration it is important to define the duration of the lease agreement and what will happen once the duration is up renewals commonly switch to a month-to-month payment or the landlord may choose to have the tenant sign another contract with a set duration landlord's responsibilities repairing and maintaining the property including appliances such as the air conditioning or heater that undergo normal wear and tear and common areas for multi-unit properties respecting attendance right to quiet enjoyment living without disturbances for example not making unnecessary visits to the property providing a safe and clean home to the tenant for the term of the lease this includes resolving water or mold damage changing broken locks and maintaining a pest free environment making any requested repairs promptly especially if the broken item represents a safety hazard tenant responsibilities paying the rent on time keeping the lease property safe clean and sanitary allowing the landlord to access the property when necessary including repairing maintenance issues or performing routine inspections the tenant must make minor repairs and return the lease property in good condition with the exception of ordinary wear and tear accessing the property check with your state's landlord-tenant laws before establishing rules around giving the tenant advance notice when you need to enter the premises to fix something or show someone the property as they do vary state-by-state late fees landlords have the option to charge tenants a late fee for rent not paid on time this can be specified in the lease agreement check with your state's landlord tenant laws to understand the regulations around late fees disclosures a lead in asbestos disclosure is required under federal law for all residences constructed prior to 1978. before 1978 it was common for lead-based paint to be used in the interior of homes check your state's landlord tenant laws for other relevant disclosures [Music] finally let's review ways in which a lease agreement can be terminated if a tenant violates a lease the landlord might give the tenant a chance to fix it if the issue is not resolved within a certain time period as set by state law the landlord can begin the eviction process to remove the tenant common lease violations include unpaid front and utility bills damage to the property and the tenant breaking the law a tenant also has the option to terminate a lease agreement when a landlord fails to maintain habitable premises a landlord enters the property without giving notice the tenant is an active military member tenant is a victim of domestic violence that's it if you watch this video to this point you are well on your way to being a professional landlord there can be a lot of details to becoming a successful landlord and having a strong lease agreement is the first step to protecting your property and maximizing your rental income legal templates provides you with world-class tools to build your own custom lease agreement drafted and checked by licensed attorneys to get started click on the link in the description below if you like this video and want more click on the subscribe button thanks for watching