It takes a lot to build and manage a rental property.
Aside from all the day to day property management duties, you also need to ensure full occupancy year-round and handle tenants.
One of the things you will handle a lot as pertains to your tenants is tenancy agreements. If you are wondering how to go about this, here are some tips to guide you in writing the perfect condominium contract.
At times, tenancy property laws differ from one jurisdiction to the next. It then makes it important to understand what these are before drawing up your condominium contract.
Unfortunately, unless you have a legal background, understanding these different laws becomes an uphill task.
If you do not feel well equipped to handle this, do not hesitate to call specialized lawyers to help you navigate the process.
The last thing you would want is to have a dispute and be caught flat-footed over a legal technicality.
2. Do Your Research
The good thing about getting a contract draft is that it’s a one-time process. Once you get it done and done properly, you can use this as a template and edit out personalized details whenever you need to give it to a new tenant.
Look into the various details that should be captured in the condominium contract. These should ensure you have all your bases covered in case of any eventuality.
Similarly, look at condominium contract templates and samples to see if you have captured everything. You can find these from acquaintances with condominiums for rent, condominium tenants, and even online resources.
2. Make it Clear and Concise
Once you gain clarity on the content of the condominium contract, it’s time to write down your first draft.
As you do this, ensure to articulate all points clearly and concisely. This includes providing simple definitions for complex wording and terminologies.
A poorly written agreement with confusing or ambiguous terms leaves a lot of room for misinterpretation. It can also fail to hold up in court, leaving you vulnerable in the event of a dispute.
3. Include a Dispute Resolution Clause
While you sign agreements hoping that all goes well, this is not always the case.
Every so often, disputed arise. When they do, it’s always good to have a contingency plan for them.
The first way to mitigate these is by having a dispute resolution clause in your contact. Basically, this should state how a dispute should be resolved.
A favorable clause would have mediation and arbitration as the first go-to for dispute resolution instead of going to court. Litigation is often time-consuming and expensive.
Begin working on this as early on as possible to allow you ample time to get a watertight contract and the chance to amend it as often as is necessary.
Soon enough, you will have the perfect condominium contract.