The short answer is yes. If you enter into an agreement to lease a property to a single or small group of people, it is very important that you have a signed contract between the two parties. This also applies if the people you rent are friends of yours or if they only rent the property for a short period of time. An official tenancy agreement clarifies your rights and obligations as a landlord and your tenant`s rights and obligations as a tenant. A rental deposit is required of almost all landlords, as it protects them if a tenant has to go down at the last minute, cause damage to the property, not pay their bills, or leave it without the final rent or inform the landlord. Whichever type of property you choose, it is important to know what the qualities of this type of property are. This includes the size of the accommodation or home, the number of rooms and bathrooms, or possible amenities such as a swimming pool or fireplace. A rental agreement is intended to limit your potential liability and to explicitly define the obligations and responsibilities of you and your tenants on the basis of your state laws. A solid rental price is an important part of protecting your rental property, so you can focus on increasing the return on your investment. Finally, as a tenant, if you do not like or have agreed with any of the conditions in the leaseholder, you are well within your right to postpone the signature until you get legal advice. The amount of the rental deposit depends on the individual owners and the type of property that tenants rent. The package contains checklists and paperwork to help you manage your property. In cases where, as a lessor, you can legally have the right to prematurely end the life, the tenant who has a rent of several weeks is the persistent violation by the tenants of the previously agreed terms and the use of the property for illegal or immoral purposes – to name a few.
The most common way to identify potential investment properties is to browse the Multiple List Service (MLS).