Becoming a Landlord
Perhaps you have always dreamed of buying a rental property and becoming a landlord. Or, you are moving to a new house and have decided to keep your old house and rent it out. Either way, you will need a solid lease agreement to set forth your expectations.
The Specific to Norman, Oklahoma Fixed-Term Residential Lease Agreement
The following is a sample Fixed-Term Residential Lease Agreement for you to peruse to get ideas of what types of issues may arise once you have made the decision to rent out your property. (Please note, however, that this article is for informational purposes only and nothing in this article should be construed as legal advice.)
FIXED-TERM RESIDENTIAL LEASE
This Lease/Agreement shall evidence the complete terms and conditions under which the parties whose signatures appear below have agreed. Landlord/Lessor, _______________________________________________________________________, shall be referred to as “OWNER” and Tenant(s)/Lessee, _______________________________________________________________________, shall be referred to as “RESIDENT.” As consideration for this agreement, OWNER agrees to lease to RESIDENT and RESIDENT agrees to lease from OWNER for use solely as a private residence, the premises located at _______________________________________________________________________.
1. TERMS: RESIDENT agrees to pay in advance $____ for each and every month this lease is in force on or before the ____ day of each month. This agreement shall commence on _______________, _____ and continue from ________________, ______ until _______________, _____ as a leasehold. Please note that this is a lease for the above-mentioned period of time and may not be terminated by “30 days notice.” If RESIDENT should move from the premises prior to the expiration of this time period, s/he shall be liable for all rent due until such time that the Residence is occupied by an OWNER-approved paying RESIDENT and/or expiration of said time period, whichever is shorter.
2. PAYMENTS: Rent and/or other charges are to be paid at such place or method designated by the owner as follows: either mailed or hand-delivered to OWNER’S home office at ____________________________________; in either case, payment must be received by OWNER on or before the 1st of each month. All payments are to be made by check or money order and cash shall be acceptable. Checks for rent are taken subject to financial collection and not credited until collected. OWNER acknowledges receipt of the First Month’s rent of $____, and a Security Deposit of $____, and additional charges/fees for ______________________________, for a total payment of $__________. All payments are to be made payable to __________________________.
3. SECURITY DEPOSITS: The total of the above deposits shall secure compliance with the terms and conditions of this agreement and shall be refunded without interest to RESIDENT within 30 days after the premises have been completely vacated less any amount necessary to pay OWNER; a) any unpaid rent, b) cleaning costs, c) key replacement costs, d) cost for repair of damages to premises and/or common areas above ordinary wear and tear, and e) any other amount legally allowable under the terms of this agreement. A written accounting of said charges shall be presented to RESIDENT within 30 days of move-out. If deposits do not cover such costs and damages, the RESIDENT shall immediately pay said additional costs for damages to OWNER. Please note: the Oklahoma Residential Landlord Tenant Act of 1978 specifically prohibits a tenant from deducting the amount of her or his deposit from the last month or any other months rent.
4. LATE CHARGE: A late fee of $50 plus $10 per day shall be added and due immediately with the monthly rent payment for any payment of rent made after the ____ of the month. Any dishonored check shall be treated as unpaid rent, and subject to an additional fee of $50. OWNER shall not be under any obligation to accept any late rent payment. Acceptance of any late rent payment shall not obligate OWNER to accept any future late rent payment. If rent is not received on time, then eviction proceedings may begin immediately.
5. UTILITIES: RESIDENT agrees to pay all utilities and/or services when due, including but not limited to water, telephone, gas, and electric, during the term of the lease.
6. OCCUPANTS: Guest(s) staying over 15 days without the written consent of OWNER shall be considered a breach of this agreement. ONLY the following individuals and/or animals, AND NO OTHERS shall occupy the subject residence for more than 15 days unless the expressed written consent of OWNER is obtained in advance: _______________________________________________________________________.
7. PETS: No animal, fowl, fish, reptile, and/or pet of any kind shall be kept on or about the premises, for any amount of time, without obtaining the prior written consent and meeting the requirements of the OWNER, except the following pet(s) shall be allowed: _______________________________________________________________________. In the event laws are passed or permission is granted to have a pet and/or animal of any kind, an additional deposit in the amount of $_____ shall be required. RESIDENT is hereby advised to carry insurance to cover possible liability and damages that may be caused by such animals. RESIDENT agrees to keep entire yard area free of animal waste.
8. LIQUID FILLED FURNISHINGS: No liquid filled furniture, receptacle containing more than ten gallons of liquid is permitted within the dwelling without prior written consent and meeting the requirements of the OWNER.
9. PARKING: The parking area/space shall be used exclusively for parking of passenger automobiles and/or those approved vehicles listed on RESIDENT’S Application attached hereto. RESIDENT is responsible for oil leaks and other vehicle discharges for which RESIDENT shall be charged for cleaning if deemed necessary by OWNER. No vehicle or trailer of any type shall ever be parked on or driven across any unpaved surface on the premises.
10. NOISE: RESIDENT agrees not to cause or allow any noise or activity on the premises that might disturb the peace and quiet of another RESIDENT and/or neighbor. Said noise and/or activity shall be a breach of this agreement.
11. DESTRUCTION OF PREMISES: If the premises become totally or partially destroyed during the term of this Agreement so that RESIDENT’S use is seriously impaired, OWNER or RESIDENT may terminate this Agreement immediately upon three day written notice to the other.
12. CONDITION OF PREMISES: RESIDENT acknowledges that he has examined the premises and that said premises, all furnishings, fixtures, furniture, plumbing, heating, electrical facilities, and/or all other items provided by OWNER are all clean, and in good satisfactory condition except as may be indicated elsewhere in this Agreement. RESIDENT agrees to keep the premises and all items in good order and good condition and to immediately pay for costs to repair and/or replace any portion of the above damaged by RESIDENT, his guests and/or invitees, except as provided by law. At the termination of this Agreement, all of above items in this provision shall be returned to OWNER in clean and good condition except for reasonable wear and tear and the premises shall be free of all personal property and trash not belonging to OWNER. It is agreed that all holes, tears, burns, and stains of any size or amount in the carpets, drapes, walls, fixtures, and/or any other part of the premises, do not constitute reasonable wear and tear.
13. ALTERATIONS: RESIDENT shall not paint, wallpaper, alter or redecorate, change or install locks, install antenna or other equipment, screws, fastening devices, large nails, or adhesive materials, place signs, displays, or other exhibits, on or in any portion of the premises without the written consent of OWNER except as may be provided by law.
14: PROPERTY MAINTENANCE:
A. Habitability: OWNER shall keep the above described premises in a habitable condition, provided that RESIDENT must notify OWNER in writing of the need of any repairs necessary to keep premises habitable, so that the same may be made at OWNER’S direction. It is understood and mutually agreed by the parties hereto that RESIDENT is NOT to incur any expense for repairs to said premises, or for any other purpose, which might be deductible from the rent, without first having obtained the written consent of OWNER.
B. Garbage: RESIDENT shall deposit all garbage and waste in a clean and sanitary manner into the proper receptacles and shall cooperate in keeping the garbage area neat and clean. RESIDENT shall be responsible for disposing of items of such size and nature as are not normally acceptable by the garbage hauler. Landlord may throw away any personal property left on the premises after tenant moves, regardless of lease expiration date.
C. Plumbing: RESIDENT shall be responsible for keeping the kitchen and bathroom drains free of things that may tend to cause clogging of the drains. RESIDENT shall pay for the cleaning out of any plumbing fixture that may need to be cleared of stoppage and for the expense or damage caused by stopping of waste pipes or overflow from bathtubs, wash basins, or sinks.
D. Yard/Lot: It shall be the duty of RESIDENT to properly care for the lawn, shrubbery, and trees. RESIDENT will be required to mow the yard as needed and to comply with the City of Norman Ordinance on weeds and noxious growth. Not keeping the yard property cut may be grounds for eviction. If the yard is not properly cared for, OWNER may have it done and add the expense to RESIDENT’S rent. RESIDENT will receive only one (1) written notice before the landlord either has the yard done or the tenant is evicted, the discretion of which action is to be taken is solely that of OWNER.
E. Insect/pest control: RESIDENT assumes all duties and responsibilities relating to insect and pest control (except termites) on the above-described premises.
F. Freeze damage prevention: It shall be the RESIDENT’S duty to protect the property against freeze damage. RESIDENT shall take adequate precautions, including but not limited to: leaving on adequate heat, disconnecting garden hoses and covering exposed outside faucets. Tenant shall be responsible for any plumbing expense due to frozen pipes.
G. Other: RESIDENT shall keep smoke detectors in working order and check batteries periodically. Tenant shall replace the central heating and air unit filter at least every six (6) months at RESIDENT’S expense, and shall ensure that a clean filter is in place upon vacating. If filters are not cleaned and this is the cause of a service call, the expense of the call will be charged to the RESIDENT. At no time shall smoking be allowed inside the dwelling, nor shall RESIDENT allow such smoke to come inside the dwelling (e.g., standing outside smoking near open doorway, etc).
15. APPLICABLE LAWS: RESIDENT agrees to comply with city, county, state, and federal laws and regulations, and any violation of said laws or regulations will render this lease subject to immediate termination at OWNER’S option.
16. TERMINATION: Should the RESIDENT hold over beyond the termination date or fail to vacate all possessions on or before the termination date, RESIDENT shall be liable for additional rent and damages which may include damages due to OWNER’S loss of prospective new renters. The premises shall be considered vacated only after all areas including storage areas are clear of all RESIDENT’S belongings, and keys and other property furnished for RESIDENT’S use are returned to OWNER.
17. POSSESSION: If OWNER is unable to deliver possession of the residence to RESIDENTS on the agreed date, because of the loss or destruction of the residence or because of the failure of the prior residents to vacate or for any other reason, the RESIDENT and/or OWNER may immediately cancel and terminate this agreement upon written notice to the other party at their last known address, whereupon neither party shall have liability to the other, and any sums paid under this Agreement shall be refunded in full. If neither party cancels, this Agreement shall be prorated and begin on the date of actual possession.
18. INSURANCE: RESIDENT acknowledges that OWNERS insurance does not cover personal property damage caused by fire, water, leaking pipes, frozen pipes, sewage back-up, theft, rain, war, acts of God, acts of others, and/or any other causes, nor shall OWNER be held liable for such losses. RESIDENT is hereby advised to obtain his own insurance policy to cover any personal losses.
19. RIGHT OF ENTRY AND INSPECTION: OWNER may enter, inspect, and/or repair the premises at any time in case of emergency or suspected abandonment. OWNER shall give 24 hours advance notice and may enter for the purpose of showing the premises during normal business hours to prospective renters, buyers, lenders, for smoke alarm inspections, and/or for normal inspections and repairs. OWNER is permitted to make all alterations, repairs and maintenance that in OWNER’S judgment is necessary to perform.
20. ASSIGNMENT: RESIDENT agrees not to transfer, assign or sublet the premises or any part thereof.
21. PARTIAL INVALIDITY: Nothing contained in this Agreement shall be construed as waiving any of the OWNER’S or RESIDENT’S rights under the law. If any part of this Agreement shall be in conflict with the law, that part shall be void to the extent that it is in conflict, but shall not invalidate this Agreement nor shall it affect the validity or enforceability of any other provision of this Agreement.
22. NO WAIVER: OWNER’S acceptance of rent with knowledge of any default by RESIDENT or waiver by OWNER of any breach of any term of this Agreement shall not constitute a waiver of subsequent breaches. Failure to require compliance or to exercise any right shall not be constituted as a waiver by OWNER of said term, condition, and/or right, and shall not affect the validity or enforceability of any provision of this Agreement.
23. JOINT AND SEVERAL LIABILITY: The undersigned RESIDENTS are jointly and severally responsible and liable for all obligations under this agreement.
24. REPORT TO CREDIT/TENANT AGENCIES: You are hereby notified that a nonpayment, late payment or breach of any of the terms of this rental agreement may be submitted/reported to a credit and/or tenant reporting agency, and may create a negative credit record on your credit report.
25. LEAD NOTIFICATION REQUIREMENT: For rental dwellings built before 1978, RESIDENT acknowledges receipt of the following: (Please initial)
___ Lead Based Paint Disclosure Form
___ EPA Pamphlet
26. NOTICES: All notices to RESIDENT shall be served at RESIDENT’S premises and all notices to OWNER shall be served at _______________________________________________________________________.
27. KEYS AND ADDDENDUMS: RESIDENT acknowledges receipt of the following which shall be deemed part of this Agreement: (Please check)
___ Keys, number of keys and purposes_______________________________________
___ Other ________________________________
28. ENTIRE AGREEMENT: This Agreement constitutes the entire Agreement between OWNER and RESIDENT. No oral agreements have been entered into, and all modifications or notices shall be in writing to be valid.
29. RECEIPT OF AGREEMENT: The undersigned RESIDENTS have read and understand this Agreement and hereby acknowledge receipt of a copy of this Agreement.
RESIDENT’S Signature ___________________________________________________
Date__________________
RESIDENT’S Signature ___________________________________________________
Date__________________
OWNER’S Signature ____________________________________________
Date__________________
This article is for informational purposes only and nothing in this article should be construed as legal advice.
