There are many challenges to being a landlord in Wisconsin. However, there are steps one can take to simplify matters greatly. For example, crafting a clear and concise lease agreement is an excellent way to minimize potential disputes while also creating concrete expectations for both parties.
What goes into a lease agreement?
A lease agreement should outline the relationship between both the landlord and tenant, whether the tenant be commercial or residential. While it is possible to temporarily secure an oral lease agreement for a brief period, it is almost always better to have something in writing. The written lease agreement should typically include the following:
- Names of all involved parties
- Rental unit’s address and description
- Rent amount and when it is to be paid
- Security deposit, if any
- Whether pets are permitted in the property
When is a lease agreement illegal?
Just because a tenant and landlord sign a lease agreement does not mean that it is legal and enforceable. Landlords are strictly prohibited from including lease terms that discriminate against tenants based on things like gender, race, religion or more. Landlords cannot require tenants to waive their rights to sue, either.
The lease agreement can help form a strong foundation for landlord and tenant relationships. Failing to prioritize the lease agreement can lead to unintended consequences, including loopholes that might frustrate or even financially burden landlords. Since it is also important that agreements respect Wisconsin state law, landlords are often well advised to seek the guidance of a knowledgeable attorney.