Having a Rental Agreement is vital for businesses whose nature of operations is that of property rentals and leasing because it protects their interests as well as their clients’. Before a tenancy transaction fully takes place, a rental agreement should first be made and signed by the property owner and the tenant.
A Rental Agreement Form is a legal contract that stipulates in detail the terms and conditions relevant to the tenancy such as the names of the occupants, the limit of occupants, terms pertaining to advanced and security deposits, house rules, payment schedules, amount of rent due, and a lot of other things.
Free Generic Rental Agreement Form Example
Generic Room Rental Agreement Form
Generic Equipment Rental Agreement Form
Generic Rental Lease Agreement Form Sample
A Rental Lease Agreement helps provide protection and security between the tenant and the landlord because it sets proper expectations among renters and also ensures that prices for rent will not increase radically without prior notice. Because a Rental Agreement is considered to be a contract, it obligates both the tenant and the landlord to follow the terms and conditions stipulated in the contract. Click on our sample Room Rental Agreement to download sample templates for your own Rental Agreement.
Generally, contracts can be a challenging type of document to create. Here are the basic and necessary details that you should indicate in your Rental Contract to assure having a foolproof agreement:
Include the Names of All the Occupants
A Rental Agreement usually starts off with the names of the tenant and the landlord. Typically, an agreement only contains the name of the principal tenant – or the person who made direct negotiations with the landlord. However, landlords nowadays are realizing that listing down the names of all the occupants of a rental unit proves to be a much better option because it obligates them as well to abide by the terms and conditions and pay rent, especially if the principal tenant is unable to.
Provide a Limit to the Allowable Number of Occupants
The allowable number of occupants in a room is important to be specified so that tenants can set appropriate expectations. This is important because it protects your property from occupants who have not been thoroughly screened, ensures the security of other tenants in the building or the compound, and lessens the chances of damages done to your property.
Indicate the Length of the Tenancy
When starting a tenancy transaction, both parties should be aware of the tenancy duration as well as the nature of the tenancy which can either be just for rental purposes or for a fixed-term lease. In a typical set-up, rentals are renewed every month and must be paid accordingly while lease transactions can be within the span of months or even years.
Residential Generic Rental Agreement Form
Basic Generic Rental Agreement Form
Standard Generic Tenancy Agreement Form
Generic Rental Agreement Form Example
Rental Dues and Payment Schedules
When specifying rental dues and the schedules when tenants are expected to pay, keep in mind that it is important to track the due date of the rent along side the amount per rent duration that is specified in the tenancy agreement. Preferred mode of payment must also be asked for an easier and smoother transaction. It would also be a good idea to include details about penalties for late payments or bouncing checks within the contract. Including this information in the agreement will help tenants be reminded of their obligations. Also, it can provide a more transparent relationship between the landlord and the tenant as it showcases the full implementation of the policies of the property.
The deposit is the initial payment that tenants need to secure the landlord or property owner with before or during the start of the tenancy. The terms and conditions applied in advanced and/or security deposits shall be defined precisely, clearly and accordingly within a rental agreement as it is the responsibility of a landlord to not confuse or mislead tenants regarding this information. If you will create a tenancy or rental agreement, make sure to include the deposit’s purpose and the processes to be followed for deposit refund.
Repairs and Maintenance
One of the common issues that tenants and landlords face are those that are related to property abuse, misuse and damages. With this, a tenant agreement should state the rules and regulations about repairs and maintenance that the tenant and the landlord should both honor. The repair of rental units as well as their maintenance may be shouldered by the property owner if it is their fault why a particular damage occurred. However, a rental agreement may also specify that the security deposit given by the tenant can be deducted based on damage costs especially if the damage is due to the tenant’s negligence.
Restrictions, Policies, and House Rules
Oftentimes, landlords will impose certain rules and restrictions to help protect their property and maintain cleanliness. Some landlords have rules related to owning pets, garbage disposal, excessive noise, disruptive behavior, illegal activity, etc. As a landlord, it is important that you clearly state these rules in your Rental Agreement to make them understand early on what is allowed and what is not allowed within the premises. Tenants have to be made aware of the corresponding penalties for any house rule that is broken.
A Rental Agreement can be quite a complex contract to write. Make sure that you are able to make one that is foolproof and that helps you secure your rental property. Download our free rental agreement forms or click here – Residential Lease Agreement – to view more sample templates.
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