The Wisconsin Realtors Association Residential Rental Contract: Everything You Need to Know
If you`re planning to rent out a residential property in Wisconsin, it`s important to understand the legal requirements and protections for both you and your tenant. The Wisconsin Realtors Association Residential Rental Contract provides a detailed agreement that covers all the necessary terms and conditions of your rental arrangement with your tenant.
Here`s a closer look at some of the key features of the Wisconsin Realtors Association Residential Rental Contract:
1. Lease Term and Rent Amount
The lease term and rent amount should be clearly stated in the contract. This ensures that both you and your tenant understand the duration of the lease and the monthly rental amount due. If there are any late fees, those should also be included in the contract.
2. Security Deposit
The security deposit is a sum of money collected upfront to cover any damages or unpaid rent at the end of the lease term. The contract should state the amount of the security deposit, the conditions for the refund of the deposit, and the time frame for returning the deposit.
3. Maintenance and Repairs
The contract should detail who is responsible for maintaining and repairing the property. This includes routine maintenance such as lawn care and snow removal, as well as repairs for any damages caused by the tenant. The contract should also include any restrictions on alterations to the property by the tenant.
4. Utility Payments
The contract should state which utilities the tenant is responsible for paying. These can include electricity, gas, water, and internet. The contract should also outline any restrictions on the use of utilities.
5. Termination of Lease
The contract should include the conditions under which either party can terminate the lease before the end of the lease term. This can include a notice period, reasons for termination, and any fees associated with early termination.
In conclusion, the Wisconsin Realtors Association Residential Rental Contract is an important document that protects both you and your tenant during a rental agreement. It`s important to carefully review and understand all the terms and conditions of the contract before signing it. By doing so, you can ensure a smooth and successful rental experience for both you and your tenant.