If you search long enough, you'll probably be able to find a free or cheap generic lease online. But before you fill it out, take a minute to really mull over the possible consequences. Remember the old adage that says, "You get what you pay for"? Well, if you settle for a generic free lease agreement, you might just get more than you bargained for -- much, much more. A lease is a legal contract that sets forth the terms of the agreement between you and your tenant. Basically, you're relying on this document to establish the guidelines that will define your entire relationship with your tenant.

The free lease agreements that are a dime a dozen online don't cover much more than the contact information for the landlord and tenants. If you're lucky, you might find one that has a space for the rent amount and due date. In short, these "free" leases typically leave a lot to be desired.

Over the last several decades, the courts have become increasingly friendly to the cause of tenants' rights. Many of the landlords who are hauled in front of a judge by a disgruntled tenant -- or who file a claim to collect back rent from a deadbeat renter -- are winding up out of luck. When in doubt, more and more courts are automatically siding with the tenant.

When you rely on a lease that is vague, brief, or incomplete, you are putting your property, your investment, and your entire business at risk. In legal terms, a contract that's skimpy or insufficient isn't worth the paper that it's written on.

The kind of generic free lease agreements that you can find online are typically chock-full of grey areas, omissions, contradictions, and even outright errors. In other words, they're not exactly the kind of thing that's going to sway the judge in your favor if you wind up in court. If it's not specifically spelled out in the lease, chances are good that the judge will end up siding with your tenant.

Let's face it -- to stay profitable, landlords and property managers have to constantly be on the lookout for ways to save money. That means holding out for sales at home improvement stores, opting for the mid-grade paint and fixtures, and keeping an eye out for reputable contractors that won't charge an arm and a leg.

What it shouldn't mean, however, is skimping on your lease agreement. There are a lot of smart ways for you to save money, but this isn't one of them. Think of it as an investment -- the money you spend now on a comprehensive, legally binding lease agreement could save you thousands of dollars down the road.

Are you looking for a free residential lease agreement for your rental property? Then learn these important landlord tips for making sure that you have an effective and iron clad rental lease. So what are the necessary ingredients for a good free residential lease agreement?

1. The Type and Duration of Your Lease

There are 2 major types of lease and your rental agreement must clearly state which type of tenancy you have: periodic tenancy or fixed term tenancy.

For residential tenants, most periodic leases will be either week to week or month or month. In general, periodic leases are preferred by landlords who want a shorter term tenancy or one that can be ended more easily

If you have a fixed term tenancy, a proper free residential lease agreement must state the exact starting and ending date. The time period of a fixed term lease is usually 6 months or more.

2. How You will Handle Your Tenant's Security Deposit

Your residential lease agreement should clearly state how much security deposit you will be collecting. Most residential landlords will collect security deposits that is equal to 1 to 2 months of rent.

To prevent any possible protests by your tenant, your lease agreement should also state when you can deduct money from their security deposit. Common reasons for deposit deductions include non-payment of rent and repair bills for property damages.

3. How Rent is Collected and Fees for Late Rent Payments

For a landlord there is nothing more important than your rent. If you have a free residential lease agreement, make sure that your rent amount and collection method (e.g. cash, checks or online) is clearly stated on it.

If you are imposing fees for late rent payments, you have to state how much and under what conditions you will collecting it from your tenant. Most areas will restrict the maximum amount of late fees you are allowed to charge so make sure that your fees are not over limit.

4. Who will be Paying for the Different Property Expenses

While the law will usually decide who pays for some types of bills (for example the landlord has to pay for property maintenance), other expenses such as electricity, water and waste disposal bills have to be clearly stated on your written rental agreement.

5. How Your Residential Lease Agreement Can be Ended

How your lease will end depend heavily on what type of tenancy you have. If you have a periodic lease, your agreement has to clearly state how many days in advance your tenant has to inform you before leaving. The landlord tenant law in most areas requires you to give a written notice to quit at least 30 days in advance.

Your free residential lease agreement should also include the rules and regulation of your tenancy. If your tenant breaks the rules, you will be allowed to evict him according to your local landlord laws.

Using a living will is a good thing because it will allow you to make the arrangements in the event that you die. It allows your relatives and family to not have to worry about what to do next in the event that you pass away. This may seem like a subject that is hard to talk about but it is necessary to make it easier for other to not have to worry when the time comes.

It is most important that you keep all of your documents in a safe place so that they will be there in time of need. Also you need to make sure that your relatives and family members have access to these documents so that when they need to get to them they have the lock box key. You need to have these documents available, Living Will and your Last Will and Testament, frequent flyer account information, retirement accounts, insurance policies, investment documents, recurring credit/debit card payment info, and your union contact info.

It is also very important that if you have money that is hidden somewhere in your house that you leave a note or let someone know about it. If you do not and later that house is sold then someone who buys the house could find the money and your family may never receive it.

Remember that you talk to your family members and let them know what type of funeral you want. It is always advisable to take care of the arrangements ahead of time so this will make it easier when the time comes.