One of the most important landlord tips is to enter into a written rental agreement with the tenant. Typical residential lease agreements specify important rental terms that will define the landlord/tenant relationship. The most important provisions include the following: the names of the tenants, the length of the tenancy, the amount of the security deposit, the party responsible for specific repairs, whether pets may live in the rental unit, and the amount of rent. A lease agreement should specify when rent is due, what form of payment is acceptable, whether a grace period applies, and whether late fees and returned check fees apply.

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