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Making a Michigan Lease Agreement
If you're renting out your property to a tenant, you'll want to make sure you have a written Lease Agreement signed before the tenant moves into the property. By signing a Lease Agreement, both the landlord and tenant are essentially putting the terms of their agreement to rent the property in writing.
Use the Michigan Lease Agreement document if:
Although there's no standard Lease Agreement, there are still some basic requirements that should be included in every lease. These include: the names of the landlord and tenant; the address of the property; the amount of rent; when the rent is due, who it should be paid to, and where it's to be paid; the amount and purpose of the security deposit; the amount of any late fee; whether pets are allowed; who's responsible for which utilities; and information about lead based paint on the property.
In Michigan, there's also additional requirements that must be included in the lease. For example, Michigan limits the amount of security deposit to one and half month's rent. Additionally, the landlord is required by law to give the tenant the name and address of the bank where their deposit is being held. This Lease Agreement is in accordance with Michigan law and includes all the specific information required by the state of Michigan.