Must Have Lease Clauses

Listen up, we're talking about leases. I did a tip last week. Things you need to have in your lease as a landlord when it comes to utilities, everybody loved it. So I'm going to do a few more bonus clauses in your lease. Number one, this is what we got from mogul mastermind. Have an end to your lease, have a fixed term.

If you're an Alberta in BC, there's other clauses you can implement, you don't want your lease to automatically flip over to month to month. Once the initial term expired. If for whatever reason, the tenant, isn't a good fit for your property. You want to be able to just let the lease expire and peacefully move on from that tendency.

So expiry term in the lease, number two escalation clause for your utilities, super important. We talked about this last week. It is absolutely critical to make sure that if you have your utilities included, there's a clause saying that if the utilities cost goes above a certain level, That you're able to backfill the tenants.

This is great because in a world where tenants use too much water, power, electricity, heat, whatever, because they like living tropical in the winter. Or if utilities costs fluctuate, it protects you as a landlord. So you don't have your cashflow eroded next clause that you want to have in your lease. I would recommend making sure that for critical parts of the lease, you have a second initial aside that.

Of the lease. So it's nice to have your tenant sign. The last page. It's nice to have them initial the bottom of every page. It really beefs it up when you're having your tenant sign, the lease. If they initial next to the spot that it says no smoking, if you have them initial next to the spot, but it says no pets, et cetera, et cetera, really, really impactful, simple thing, but it really increases the tenant's awareness of what the expectations are of them when they're living in the property.

When you have them. Initial next to the clauses last bonus piece to have in the least that I would recommend is I like to put in a schedule of when I'm going to be doing quarterly maintenance inspections for the property. Again. Yes. You can go and spec the property with 24 hours notice to the tenant, but if you bake it right into the least sexy expectation with the tenant that you're popping by once a week, To have a look at the property that you're doing it for maintenance reasons, but it also kind of sends a message that, Hey, I keep an eye on my property.

I care about maintaining my property. I care about the condition of the property and you as a tenant can expect me to pop my head in once in a while. Very, very powerful, because again, the wrong tenant is going to be worried about this. The right tenant is going to hold themselves to a higher standard.

So bonus stuff, just to package. From, uh, from an old experience landlord, who's been managing my own properties for over 15 years. I hope some of that helps what I would love you guys to do in the comments below. What are some of the secret little nuggets you bake into your leases? Give me some of the goods people.

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