Around 30% of Utah households are rental properties. Leasing an investment property in Utah can be lucrative and there are a lot of great renters out there.
When it comes to creating a lease agreement, however, you should take care to do it right. Ensuring that the lease agreement includes all of the essentials will help protect you from risk.
Here are 5 things that you should always include in a Utah lease agreement.
1. What the Rental Includes
If you have a rental property in Utah, you need to be sure to outline exactly what it includes. Make sure to include access to the property as well as any amenities that a tenant will be able to make use of.
Be sure that it's clearly outlined on the lease agreement who will be paying for utilities. You should also include information about whether the rental will be furnished or unfurnished.
2. Property Rules
When creating a Utah lease agreement, lay out all of the main rules that a tenant will need to follow to rent from you. Outline all of the activities that a tenant will need to refrain from doing.
For example, activities to avoid could include owning pets or smoking inside the property. Be sure to state in the lease agreement that you're able to evict a tenant for breaking the rules that you've set.
3. Occupant Information
A key thing to include on a Utah rental lease agreement is the details about who the occupant or occupants are. The lease agreement should include the name and contact information of all occupants.
You should also make sure that the occupants sign the document as well. This will help ensure that they'll live by the rules that you've set in your lease agreement and will protect you in case anything goes wrong.
4. Rental Clauses
When writing a lease agreement, add clauses that outline what will happen if something goes wrong with your agreement with a tenant. For example, write a clause that outlines the deadline for payments and what will happen if a tenant misses a payment.
You might also need to outline in which situations you'll be able to access the premises of the rental in case of an emergency or how the security deposit will be returned. Adding appropriate clauses to your lease agreement will help prevent issues and keep you protected.
5. Maintenance Plan
An important thing to add to your Utah lease agreement is what repair and maintenance responsibilities you and your tenant will be responsible for. If your tenant will need to maintain their own space and pay for any damage that they cause, then be sure to outline this.
Make it clear when you'll be paying for maintenance and repairs and when a tenant will. This will help you avoid problems later on down the road.
Creating the Perfect Utah Lease Agreement
To create a great Utah lease agreement, be sure to include each of the things listed here. Clearly outline what's included with the rental as well as what a tenant can't do. You should also be sure to add clauses that outline the next steps in case the lease agreement is broken.
Need property management services in Utah? Contact PMI Made Simple today to learn more about how we can help.
