A Rental Agreement is a legally binding contract that puts into detail the exact terms and conditions relevant to 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, etc.
A Rental Agreement Form is a written document that formalizes the agreements made between a landlord and a tenant. Having a Rental Agreement is necessary in the business of renting out properties because it protects the interests of both parties.
Rental Lease Agreement Form
Rental Agreement Form Example
Basic Rental Agreement Form Example
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A Rental Lease Agreement helps provide protection and security between the tenant and the landlord because it helps set proper expectations among renters and also ensures that prices for rent will not increase dramatically without prior notice. A rental agreement is an important document that should be present within the duration of the tenancy to ensure that both the landlord and the tenant are aware of their obligations to one another. With this, the terms and conditions of the tenancy will be followed accordingly.
A Rental Lease Agreement is a type of contract and therefore needs to be foolproof. You can view or download our sample Rental Agreement Forms and Month-to-Month Rental Agreement Forms, or you can decide to make your own by following the steps below:
Include the Names of All the Occupants
A Rental Agreement typically starts off with the names of the tenant and the landlord. Most of the time, an agreement only contains the name of the primary tenant or the person who was in direct contact 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 more feasible option because it obligates all occupants – and not just the primary tenant – to abide by the rules and pay the amount of rent due, especially when the primary tenant is unable to.
Provide a Limit to the Allowable Number of Occupants
The limitations regarding occupancy limitations should be specified in the contract. Doing this helps you protect your property from occupants who have not been thoroughly screened and helps to ensure the safety and security of your other tenants.
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Specify the Duration
The duration of the tenancy is important to be specified as it can affect the payment terms and agreements between the landlord and the tenant. There are different kinds of rental agreements that can be applied where in a lesser pay may be expected the longer the tenant will stay in the property. However, this only applies to some establishments as some spaces have fixed costs no matter how long the tenancy will be.
Amount of Rent Due
Regardless of whether or not you have made verbal agreements with a tenant about the price of rent, it is imperative that you indicate this in the contract along with payment schedules and the preferred type of payment. Penalties for late payments or bouncing checks should also be indicated in the contract. If the amount of rent due and the terms that will be applied for several instances where it is involved are already specified in the rental agreement, there will be lesser chances of tenants providing late payments.
There are two kinds of deposits that are commonly needed to be given by a tenant to the landlord or property owner – the advanced deposit and the security deposit. There are times where only one of them is needed to be given and it depends on the regulations followed by the property to be rented. Deposits should be clearly specified in the rental agreement so tenants will have an idea on how much it is that they need to initially provide and what percentage of that can be expected to be given back after the tenancy.
Repairs and Maintenance
Rules and conditions on repair and maintenance should also be clearly provided by the landlord to the tenants. There are times when repair and maintenance are handled by the management. However, be keen when reading the rental agreement as it may be included there that the cost of repairs and maintenance will be deducted on the deposit given by the tenant.
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 them in your Rental Agreement to make your tenants aware of them. Some landlords have rules pertaining to owning pets, garbage disposal, excessive noise, disruptive behavior, illegal activity, etc.
When it comes to accepting tenants in a property, the landlord should initially set the rules and regulations that are needed to be honored. There are some restrictions especially with regards to visitation times and curfews which should always be followed by the tenants. Also, policies and house rules must be stated for them to be known by the tenants during the first day of tenancy. This will help them be more cautious with their actions. View our Room Rental Agreement Forms to download more Rental Agreement form samples.
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