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Key Clauses You Cannot Afford To Exclude From Your Rental Agreement

Key Clauses You Cannot Afford To Exclude From Your Rental Agreement
A decreasing rental vacancy rate combined with an increasing median monthly gross residential rent in the US real estate market, is progressively creating a favorable environment for rental property owners. According to the Census ACS survey, the median gross rent, as of 2014, stood at $934 with an average of $992- up from $903 and $960 respectively, the previous year. Going by these numbers, rental property owners are undoubtedly making more than they did in 2008, right before the recession- back when they grossed in a median of $924 at an average of $974 per month. With such a great market, the only thing that could stand in your way of effectually monetizing your property is a poorly drafted rental agreement. Although a piece of paper may seem negligible at first, it could ultimately make a great difference between making and losing money. We’ve seen many frustrated landlords lose cases in court just because of simple omissions in their respective lease agreements. Even with a comprehensive tenant screening framework, landlord-tenant disputes can potentially develop down the road. Your tenants, for instance, could fail to honor their rent payments- and consequently, as most landlords would presume, terminate their tenure. Fortunately or unfortunately, tenures are not simply terminated by presumptuous terms. All the terms need to be laid out clearly and explicitly in your rental agreement. To aid you in the process of drafting one, here are the most critical clauses you cannot afford to exclude from your rental agreements:  Right to Entry Gaining e......
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