In today’s day and age, renting is a much more feasible option than purchasing property. Gone are the days when one’s aspirations in life ended as soon as they were able to buy a blue house with a white picket fence and paid off their mortgage.
Renting is a much more flexible and practical option. For one, it provides convenience in leisurely amenities with tenants not having to worry about the costs for repairs or maintenance – unless of course a damage was incurred by them. Land-lording also provides the opportunity to have a stable source of income without the high costs of maintaining a management staff. You can view our sample Agreement Forms to help you generate a contract for your rental business.
Generic Room Rental Agreement Form
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Free Generic Rental Agreement Form
When one decides to enter into the land-lording industry or when one decides to rent out a place, a Rental Agreement is always needed to help make sure that both the landlord and the tenant are on the same page. As a contract is considered as a legally binding document, rental agreements should have the precise information that should be known by the tenant. All the details that have been agreed upon by the landlord and the tenant should be properly specified which may include, but is not limited to; the deposits that the tenant need to provide before the tenancy, the number of occupants that are allowed to occupy the property, the monthly amount of the rent and the like.
The main purpose of having a Rental Agreement is to provide protection and security between both the tenant and the landlord because it helps set proper expectations among renters and also ensures that prices for rent will not increase ostentatiously without prior notice. It is very essential for all the information within the document to be honored by the tenant and the landlord. With the respect that they have with each other and what has already been agreed upon, they will be well aware of the obligations that they need to fulfill for the continuity of the smooth relationship.
Our Rental Agreement sample forms are easily accessible and come in different types to fit to your needs. Hundreds of sample Rental Agreements can be downloaded online; however, not all of them are foolproof and cater to your best interests. Our templates provide just that. Download our Generic Rental Agreement to help you save time and money in whipping up your rental contracts. Below is a list of essential items and details that are critical to a Rental Agreement:
Names of All the Parties Involved
As with all other contracts, an agreement should contain the names of all the parties involved. If a partnership agreement requires the names of all the people who were involved in the dealership and the negotiations, why shouldn’t a Rental Agreement do so as well? In a Rental Agreement, the landlord and the tenant’s name are always indicated. Oftentimes, it is only the primary tenant’s name that is indicated in the contract.
However, a foolproof Rental Agreement should list down the names of all the occupants of a rental unit because this obligates all occupants – and not just the primary tenant – to abide by rules and to pay the amount of rent due, especially when the primary tenant is unable to.
Simple Generic Rental Agreement Form
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Provide a Validity Date for the Tenancy
A Rental Agreement should specify the start and end dates of the tenancy. This is vital because this is where the payment schedules and the renewal of tenancy are usually based on. The validity date for the tenancy will depend on the initial discussion during the creation and polishing of the rental agreement. The specified document should be able to list down all the details of the terms and conditions may it be a short-term rent or a long-period of lease. Take note that most rentals need to be renewed every month as compared to a lease that can actually be as long as a year or so.
Payment Terms and Conditions
Another important aspect of a Rental Agreement is the payment terms. If it is a month-by-month rental, the amount due each month should be specified in the contract along with the schedule of payments. Since rentals typically renew after every 30 days, the amount due will also be the same. For example, if the tenant renews every 28th of the month, his rent is also due on the 28th and will not be renewed unless a payment is made.
It is also important to provide details about your preferred mode of payment and any penalties that may incur for late payments or bouncing checks so that the tenant will be duly notified and will be aware of this.
Deposit Terms and Conditions
The terms and conditions with regards to the deposit is necessary to be identified as there are different regulations regarding this matter depending on the property to be rented. There are some properties that require a number of monthly payment as a deposit while there are also some who allow a month of advance deposit to be given for the transaction to start. Rental agreements should have a complete list of the property’s deposit terms and conditions.
Repairs and Maintenance
The property that you will rent will not be at its top condition all the time. There will be repairs and maintenance that are needed to be implemented to make sure that the space is usable and/or livable. You need to make sure that you are aware of the conditions in terms of these matters as some property owners deduct repair cost to the deposit that you have initially given.
Restrictions, Policies, and House Rules
If you have strict policies and house rules when it comes to having your property rented out, it is best to clearly state these in your Rental Agreement to make your tenants aware of them. Tenants should be aware whether they are allowed to bring pets in the property or not. Also, they should know the regulations and policies on proper disposal of garbage as well as the rules on curfew, expected tenant behavior, and outsider visits.
Download our Room Rental Agreement Forms. They are easily accessible and come in different templates to cater to your land-lording needs.
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