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Help with a Rental/Lease agreement! (1 Viewer)

glumpy

breeze
....Of Course--ASAP!! :D

I have googled for this and the choices are pretty overwhelming--so I hope someone will point me to where I need to go. I haven't been involved in a rental for 30 years--and given the potential nightmares ala the Nanny thread I really want to cover all bases. We are in NC.

What I've got: Two acres, with a house, oversized garage, and 1300sf barn structure. I have my building tools, he is a mechanic and will also require some use of that garage for tool storage. We have discussed limiting the number of vehicles under construction--as well as not doing complete engine rebuilds in the yard.

There is a 24' above ground pool w/deck which is currently out of use but soon to be rebuilt.

The barn is what's in play, having been built on a pad presumably for future MIL use before we purchased the property. It has separate electrical service and septic system. I've got a friend w/family who is helping to complete it, potentially moving in within a week. He has largely invested sweat equity but also had a phone line installed and bought some supplies.

To begin with we need is a basic contract, appropriate to NC, could be online if anyone can recommend one. Maybe a yearly lease--with allowance for cost of living increases? Protection for both sides, scheduled payments/penalties, owner and rentor responsibilities (maybe as simple as who maintains the grass I guess--it's a common lawn). Restrictions on tenant numbers? Animals? Bonfire restrictions! (there's actually one of those set up after the most recent ice storm)

Insurance recommendations and liability concerns--particularly given that pool. Restrictions on the pool--this is a pretty large family locally. Again--insurance an/or disclaimer for liability on that pool.

I don't even know what all to ask about--and I'm happy to go with online forms if anbody can point me to good ones which are case/state specific. The choices are pretty overwhelming to a novice!

Thanks!

:coffee:

 
The most standard forms are called AIR forms (American industrial Real Estate). They are available online but they're pricey-you can't just buy one form for your particular need, you have to buy the whole package of sales and lease forms, and it's around $600. They make it that high so that only real estate companies can afford them, which is of course the whole point. You might get lucky and find a good residential lease online- it needn't be specific to NC; you can always fill in the blanks.

As far as your particulars, the main question is how good is your relationship with this tenant? If you know him and trust him, this needn't be a complicated thing: get a blank sample lease, fill in your details as an addendum, and then contact whoever handles your home insurance; they'll tell you how to handle that part of it. (the tenant will get his own insurance naming you as additional insured).

If on the other hand you don't know this guy or don't trust him and are really concerned over some kind of future fallout, hire a real estate attorney to draw up the lease. It'll cost you, but in the long run you'll feel much safer. Good luck!

 

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