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December 14, 2012 2:44 PM Subscribe
Asking for my parents: What advice to you have for first time landlords, especially with regard to the rental agreement? Details inside.
posted by anonymous to Law & Government (10 answers total) 4 users marked this as a favorite
My parents moved into their retirement home in Vermont a few years back. The property has a nice little cottage on it, separated from the main house. It was in bad shape when they moved in, but they’ve invested a lot of time and money into transforming it into a very comfortable single-person home/apartment. Today, after very little time on the market, my mother gave me the good news that they have a great potential tenant lined up who wants to move in ASAP.
To my surprise, they do not seem to have any paperwork ready at all in preparation for the new tenant moving in. When I asked my mother about it, she indicated she would simply “look up a template on the computer” and “work from that.”
Now, my parents are smart folks, and I’d like to trust that they will cover themselves appropriately in their rental agreement. But bless them, they are also extremely trusting of people, at times to a fault. They already seem to have taken a liking to the potential tenant, and I am afraid that this is going to lead to them glossing over the nitty-gritty of prepping the rental agreement, leaving themselves open to legal problems in the case that things don’t work out.
I’d really like to provide them with useful advice on the matter, but I know absolutely nothing about renting out property or drafting rental agreements. (Unfortunately, I don’t my initial reaction of “OMGfortheloveofchrist make sure you protect yourself before signing anything!” is really going to help them.)
YANMPL, but do you have any advice or information that can serve as a starting point for them? In case it’s also relevant, they currently rent another property in a different state, which is managed by a professional rental company. This will be their first experience as landlords with an on-property tenant, however.
Many thanks in advance for your time and help. Mods, if you don’t mind, I’d like to keep this anonymous because I may send this AskMe link to my parents and I don’t want them reading my other posts.