When people are torn between leasing or buying a property, they often come up with the pros and cons. Those who choose to rent know that leasing comes with advantages. Hence, the importance of having a rental agreement. Leasing a room or house costs less than buying, while property ownership means paying additional taxes and maintenance fees. With a standard rental agreement, both tenants and landlords know the rules, guidelines, and conflict resolution process in a lessor-lessee relationship. Find out more below.
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What Is a Rental Agreement?
A rental agreement or lease agreement contains terms and conditions of leasing a property. Often, landlords create this document and include details on how they want to maintain the property while the tenant lives on the premises. A simple rental agreement form uses a basic format. Other variations are more complex and longer because of the several considerations a landlord may include in the agreement. As for this document, its stipulations and other legal requirements are considered essential for any lease agreement.
How To Write a Rental Agreement
A landlord or lessor is often responsible for making a rental agreement. However, knowing how to write one could help tenants or lessees as well. State laws highly influence the making of a rental agreement. Thus, it is important to check your state’s legal requirements before making a legally-binding document. If you are having trouble creating a winning rental agreement, below are steps to help you make one.
1. State the Agreement’s Purpose
The first part of your rental agreement serves as an introduction to the parties. Identify the tenant and landlord by stating their names and addresses to indicate the individuals bound by the agreement’s provisions. If the agreement is between two businesses, use their legal names. A responsible landlord checks the tenant’s background and rental history before signing an agreement because bad tenants lead to bad business.
2. Indicate the Lease and Payment Terms
A good rental agreement form reflects the lease period. It means that the document must declare the lease’s commencement and expiry date. This covers when the landlord agrees to rent the tenant on the property. Other than that, payment tranches must be detailed by indicating the amount of rent and when it is due. You can even identify the leased property’s location in this part.
3. Describe the Property and Its Condition
Aside from the property’s location, describe its present condition further. Most standard simple agreements state both parties agree to lease the property in its “as-is” condition. It means that the landlord is renting the property in its current condition and will not improve or repair it. This way, the tenant is aware of the property’s condition and decides to push through with the lease.
4. Know the Bounds of Termination
Any of the parties may terminate the agreement if someone fails to comply with the agreement’s terms and conditions. That is why a rental agreement must be well-organized and strive to avoid ambiguity. Might as well set off the lease’s limitations to guide both parties about their roles and responsibilities.
What is the difference between a rent agreement and a lease agreement?
The difference is the timeframe. A rent agreement is commonly used when a tenant is renting a property monthly. On the other hand, tenants and landlords use a lease agreement to lease a property annually.
Can you create your rental agreement?
You can make a rental agreement at home. Or use an agreement template to make it even easier. It will do all the work for you. Our website offers various templates for all your need.
What makes a rental agreement legal?
A rental agreement should contain the tenant and landlord’s names and be signed by both parties. It does not only confirm who has the legal right to live in the property, but it also allows a landlord to collect rents from anyone signing the lease.
Reading through a lease agreement may seem a daunting task because of civil liabilities and responsibilities. Although this can be true, it is a rule book on living in a rented space. Setting aside the civil implications, a rental agreement contains crucial roles and responsibilities of tenants and landlords.
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