Landlords need a strong lease. Too often, they figure that out when it’s too late.
The most laid-back person in the world may regret not having a lease when the person renting his or her house, apartment, or office space stops paying the rent, and there’s no way to evict that person without filing a lawsuit. It could take a year to get the renter to vacate the property.
Even a month-to-month verbal agreement won’t protect the landlord when the tenant moves out and leaves behind a pile of belongings. What to do with the stuff? The law says the landlord has to store it, and give the renter a chance to retrieve it. Without a lease, the landlord may not be able to recoup storage costs.
If the renter trashes the place? Without a lease, good luck getting compensated for the damages. The same goes for a property-condition checklist: the renter has to have one in hand to get his or her damage deposit back, but the landlord needs it, as well, to prove the condition of the property at move-in.