Just like other business owners, you want to make sure that you are maximizing the profit of your rental property without having to deal with any damage to your property. Because of your business deals with other people and their actions, it is important that you have a contract with your tenants. As a landlord, hiring a lawyer for advice on contracts is essential in ensuring that you achieve these goals.
Ensures Complete Contracts
Lawyers have expertise in drafting complete contracts that contain a clear explanation of each party’s responsibilities. When reviewing contracts written by others, lawyers pay special attention to certain missing key terms and make suggestions about additional clauses. Whether the attorney is drafting or reviewing your contract, he understands that a properly written contract must contain not only the terms of the contract, but it should also protect you from unforeseen circumstances.
Easily Enforceable Contracts
Ideally, you won’t ever have to worry about any of your tenants or enforcing their contracts. But there are always problem tenants, and you want to make sure that you can actually enforce the terms of the rental contract, so you don’t lose value on your property or the business of your other tenants. However, a generic form contract may have loopholes that may not be enforceable in court. Some form contracts found online may be outdated or may not be in line with the local laws.
Better Contract Terms
Typically, attorneys draft contracts in a manner that favors their clients, so having a lawyer puts someone in your corner. This doesn’t mean that you are being unfair to your tenants. This is simply designed to help you protect your investment. A lawyer can help you make sure that everything is properly outlined so you don’t have to worry about being held liable for something you may have forgotten.
Helps Settle Disputes
Involving a lawyer in drafting or reviewing your contracts helps you avoid expensive disputes that may arise out of poorly written contracts. For instance, the attorney will ensure that the lease complies with all the local laws and that your responsibilities are clearly outlined and that limits are stated so you don’t have to worry about resolving a dispute. If it’s in the contract, it holds, even if you tenant didn’t read it.
Better Understanding of the Contract
Because contracts are legally binding documents, it’s important that you understand what you are asking your tenants to sign, because you are also bound by this legal document. Don’t paint yourself into a corner because you didn’t understand what you wrote in a contract.