Turning Rental Problems into Real Estate Profits

by | Sep 14, 2023

The Lease

No matter where you are, we always recommend you use the lease from your state’s board of realtors. Sometimes, you may have multiple boards of realtors in a state, so whatever board your area is serviced by, use that board’s forms. And I’m going to emphasize that again. Always, always use the forms that are already pre-approved and provided for by your local board of realtors. Typically, you can get them for free through your local realtors.

The reason is this. If you use any other form of lease—and this is true everywhere I’ve been, every state, every province—if you use a lease someone else handwrote for you, wrote themselves, or you got off the Internet, or you got it through some other training program and they didn’t know any better, be very, very leery because that lease, at a minimum, may not have passed what’s called the “plain language laws.”

That’s a federal guideline now. Every contract—at least in the case of real estate—every form, every document that’s contrived to be a contract, needs to meet plain language laws, which means the average person should be able to read it and understand it. That’s number one.

Number two is, in all the states, all the board of realtors’ sales agreements, leases, all of their forms, all of their contracts have already been pre-approved in the state court system all the way up to the state supreme court level.

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