Do you actually need a lease agreement?
Who says? Why is it so important? In Malta with little; or should that read NO tenancy rights; why bother?
Well, simply put – It is a legal requirement for a start. On a practical note however the Landlords Lease Document states in writing any agreement between the Landlord and the Tenant, and what any process is during the time of the contract. For example, how much is the rent every month? When is it paid? What happens if the fridge breaks down? Will the deposit be returned…ever? Think of the ‘Lease’ as a set of expectations that answer most of your new tenants questions.
Why are you renting out property in the first place? Not for charity I bet – but, let’s be honest – to make money. And the best way to make money is to maximise your investment and guarantee a level of income that your property will generate. By putting in writing what will be covered by the security deposit and what will not, you will ensure everyone is in agreement. The lease states when and how the rent is to be paid, this helps the Tenant to budget and you can predict your cash flow.
Setting down in writing what is expected of your Tenant, with regards to upkeep of your property, ensures (hopefully) that your investment will be looked after and returned in a condition suitable for further lets and hence further income. If a Tenant has no guidelines and continually trashes the property, doesn’t replace broken items and does not keep the property in good condition, this will in fact devalue your property. A lease sets the boundaries of behaviour for both parties.
A lease will also keep you sane. To avoid continuous phone calls about black bin bags or grey bags, what days they go out in the street, put it down in writing. What happens when a utility bill arrives – “what do you mean I have to pay bills?” Do not have your time wasted with avoidable issues. A sound concise lease will explain all eventualities (as near as possible) at the start of the Tenancy.
Another consideration is that your new Tenant will expect a ‘Lease’ and if you do not want your property to remain empty then offering a concise lease is seen as professional.
HomeRentMalta.com is all about trying to pair Great Landlords with Great Tenants and it is with this in mind that we have taken away the hard work and prepared a concise lease that you are able to download anytime you need it. We have covered all topics, including the Rubbish day, the Utility Tariffs, The days for rent payment etc. We have even left a space for you to fill out any requirements that we have missed – always with your Tenant agreement of course. Signing and going through a Lease at the start of a Tenancy is always time consuming, but get it right at the beginning and you save yourself wasted time later.
- Always provide a concise Lease.
- Go over every condition with your prospective new tenant – even the mundane stuff.
- Make sure they agree every point before moving on.
- Ensure that every adult who is contributing to the rent signs the lease – they all then agree to your conditions.
- Sign and Initial every page and initial any changes in the text
- All parties get a copy of the final signed lease.
- Prepare an Inventory.
Download your Prepared Lease Only €5 And yours to use again and again!
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