Renting is an ideal choice for nonlocals who are working far away from home and students studying outside their hometown. Renting is the logical choice for short-term living and like many businesses, landlords have their own terms and conditions on how the arrangement will work during the entirety of the agreement. If you are looking for tips on how to create a legally binding agreement, fret not because we have prepared informative tips for you below. Read More
A townhouse rental agreement is a written agreement between the landlord and the tenant regarding the rental of a townhouse. The agreement consists of the stipulations that the landlord requires from the tenant. Among the most vital stipulations found in this agreement are the names and the mailing addresses of both parties, starting and ending dates, the property’s description, and the payment terms.
According to iProperty Management, in 2019, a total of 44 million Americans rented their homes. 15% of these were 65 or older, 22% were below 30, 30% were between the ages of 45 and 64, while 33% were between 30 and 44. Although a huge huge chunk of their paychecks go to the monthly rent and renting has been proven to be more expensive than buying a home, still, these people are opting to rent because of its zero maintenance fees, flexibility, cheaper utilities, lower cost of insurance, among other things.
Your agreement should be an all-encompassing document with no room for qualms. Below, we have collected the most instructional tips to get you started.
Familiarize yourself with the State laws before you can start crafting your agreement. Matters regarding the collection of security deposits, grace periods, notices, collection of monthly rent are some of the things you should consider.
Discuss the possible lease terms that you can offer your tenant. This lease term may either be fixed or on a month-to-month basis. Discuss their preferences and set rules that they may never change their lease term once they sign the agreement.
In your agreement, it’s important to identify both parties that are involved. Label the landlord and the tenant in your agreement along with the mailing addresses. Your names must match the names in your identification cards, birth certificates, and other relevant documents.
The property description must include the square meters of the property, number of bedrooms, bathrooms, inclusions such as utilities and appliances, number of garages, etc. Ensure a complete legal description of the premises to avoid having a similar description to your other properties. The legal description of your property can be found in your County Register, land title, property tax assessments, mortgage contract, and current or previous deeds.
Even with the number of tenants on your premises, you’d still want the same tranquility and order even when the premises have been rented. Be specific and descriptive about these stipulations and their corresponding remedies (if violations will be committed). Don’t forget to include the termination and default clause. Take note that your stipulations should still be aligned with the State laws.
Contracts and agreements, ideally, should be left in the hands of the lawyer. But since the information is easily handed to us digitally, it’s easier to craft our own agreement. After crafting your agreement, consult with your lawyer to check for any loopholes that the tenant may use to their advantage.
Once the lawyer is satisfied with your agreement, you are now ready to sign the agreement with the tenant. A witness should also be physically present to certify your identities, attest to your consent, and sign the document. You may keep the original copy and provide a copy for the tenant as well.