Dinn, Hochman & Potter, LLC

Seven things your lease should cover as a property manager

As a property manager, you have probably felt the nervous feelings of taking a chance on a new renter. Your property is your asset and investment, and you are essentially entrusting that investment to the lives and habits of a stranger. So how do you go about minimizing the risks involved?

One method is to provide a sound lease that's specific to your property. A lease can vary from one property manager to another but there are some staple inclusions every lease must have. These are:

  • How much the rent is and how often it is to be paid. Also, the day it should be paid and the method of payment that is accepted.
  • What, if any, utilities are covered by the landlord and what the tenant is expected to pay.
  • Contact information for the landlord or property manager.
  • The longevity of the lease and the date it commences.
  • How repair requests should be reported.
  • Whether or not subletting is allowed and how to go about it.
  • How to break the lease and reasons for early termination.

Another important thing to keep in mind is that, while Ohio does not place a cap on how much a landlord or property manager requires for deposit, you should be wary because you are required to refund the deposit within 30 days of the lease's termination.

If you are a property manager and are involved in a dispute regarding a rental agreement, or if you are considering becoming a property manager and want to ensure your investment is well covered by a lease, an Ohio commercial real estate attorney may be a terrific asset to have in your corner.

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