Please do as I told you in Chapter 5 and always use separate master lease and real estate option agreements to document your LASH transaction. Whether you buy a sample copy of a valid lease agreement from a professional association or hire a competent real estate attorney to prepare one for you, make sure that all of your master lease agreements include the following 20 key provisions:
2. Agreement to lease.
3. Legal description of the property.
4. Term of the lease.
6. Lease rental rate.
7. Security deposit.
8. Services and utilities.
9. Use of premises.
11. Waste, nuisance, and illegal use.
12. Maintenance, repairs, and alterations.
13. Entry and inspection.
14. Damage or destruction by fire, storms, and earthquakes.
17. Applicable law.
18. Arbitration of disputes.
19. Legal costs.
20. Execution of the lease agreement by landlord and tenant.
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