Digi-sign Property Management Agreement Template Made Easy

Digi sign property management agreement template

hey everybody so if you manage your own rental property you have your own tenants your own rental contract today i'm going to share with you my top three things that you have to have in your rental contract hey everybody this is mark saunders with saunders property management and welcome to our youtube channel we are all about investment property rental property and property management if those topics interest you be sure to click the subscribe button below so at my company saunders property management we've been going over our forums we try to review our forums ever so often to get them updated and see what type of topics and and clauses we need to add our contracts and i will tell you we we've managed a lot of property and we take over property from individual owners and it's always interesting to see when an individual investor does their own rental property what's in their lease or what's not in their lease and it causes a lot of issues so i want to share with you my three top three items you need to have in your lease now there's a lot more that needs to be in your rental contract but these three are very very important so number one your late fee i can always tell when i take over a individual property owner if their lease is valid or legal in north carolina by how much they charge in late fees so in north carolina it is state law you can only charge a five percent maximum five percent late fee if the tenant does not pay rent i've seen leases before that have a 10 15 20 percent late fee i've seen some that charges 10 a day that they're late those are not legal in north carolina so you need to make sure if you have a late fee which you should have in your lease a late fee after a certain amount of time you need to make sure that it is legal in your state now every state's different but if i get your lease in north carolina and you're charging a 20 late fee then that tells me right off the bat that's illegal that can never be enforced and that's going to tell me too that a lot of other clauses in your lease are probably not enforceable in north carolina as well so check the late fee law in your state make sure your lease is compliant number two the number two item that i would say needs to be in your lease is a pro-rated payment clause or statement so in north carolina we just changed our state leases not long ago to include this but in north carolina it has a law that if that is not in your lease and you take a partial payment you waive your right as a landlord to do the eviction process on your property so what does it mean let's say that your tenant owes a thousand dollars in rent they come in one day and like listen i'm a little low on my rent this month here's 500. if that prorated payment amount is not in your lease and you take that 500 you've waived your right to take that tenant to court for that month to get the balance paid up it has to roll over to the next month but if you have a partial payment clause in your lease and keep in mind i'm a property manager i'm not an attorney you really need to speak to an attorney to get this added properly in your lease but it needs to have something in there saying that you are allowed as the landlord to take a partial payment but still go through the eviction process if need be if you don't have that you take you have to basically turn that 500 away to still be able to enforce the lease very important when you start having tenants pay partial payments and the third item i think is very important my top three items that needs to be in your rental lease you need to have the right to enter into the property while the tenant lives there so in our leases we have the right basically to enter the property under three circumstances one to do maintenance on the property the house is flooding we need to get in there two we need to be able to get in there inspect the property and then three we need to be able to get in there if we're going to sell the property or we're showing it to potentially rent it again say the tenant's giving you a 30-day notice we need to be able to get in there and actually show the property if you don't have a right to enter the property as soon as your tenant moves in you really do not have any grounds or rights to enter enter into the property while they're living there so how do you know the lease is being taken care of how do you know they're keeping the property up how do you know that four other people haven't moved in that's not on the lease originally so very important you need to make sure you have the right to enter the property and now you need to give them notice you know 24-hour notice reasonable notice during the day not showing up at two in the morning wanting to enter the property don't do that but you need to have a clause in there that allows you to enter your property whenever you need to so those are my top three items i think needs to be in your lease leave the comments below i would love to hear your thoughts what do you think is very important what's some terms that needs to be in your lease i would love to hear it thanks