Real Estate Community Forum

I have heard from others that I should consider renting an apartment with a lease. However, some current landlords who own property have told me they stay way from leases because if they don't like the tenant, they can simply ask them to leave, but if that same tenant had a lease, they would have a difficult time getting them out. So in actuality, a lease can work against a landlord and more in the favor of a tenant. So what is the best solution?

I recommend ALWAYS signing a lease so that every party to the transaction knows exactly what the terms are. I would not trust a property owner who does not want to sign a lease.

As a landlord in Florida, if a tenant moves in to a property without a lease it is considered a month to month tenancy and should a tenant decide not to leave amicably, the property owner must evict. This is the case even if you have a family member or house guest that will not leave. So, it's in the best interest of the landlord to have a lease executed as well.

I don’t know about the rest of the world, but it seems that in my area, you can’t throw a rock without hitting an attorney. In this economic situation, almost everybody is having trouble making ends meet. Since as a property owner you have pockets deeper than many, it would be foolish to assume you won’t find them tapped for any excess. And one person’s definition of “excess” may not be yours.

Leases don’t have to be terribly complicated if you feel a lot of trust for the person living in your property. Office supply stores carry simple ones for very little money. In my area, eviction is a long and costly process. If I were renting, I’d make sure the terms for vacating the premises were quite well defined, and I’d include a very strong penalty for non compliance on the part of the tenant.

As always, keeping in touch with the tenant is the most important thing you can do to make ending the agreement painless. Like any relationship, neglect will cause misunderstandings and make any degree of separation difficult. A good bit of advance warning will also make it easier for the tenant to accept the inevitable. Deciding to no longer rent your property should not be a last-minute decision for many reasons. Tenant comfort would only be one of those. Like any business arrangement, the termination of a lease or rental agreement should be done with both parties involved in setting deadlines and goals. Does the tenant want to apply the deposit to rent? Does the tenant want to have that deposit to use on the next place they rent? If you plan to sell, does the tenant qualify as a buyer? Agreement is the ending point of any business negotiation. Keeping that in mind will make the final result satisfactory for all parties.