Buying and owning house is quite expensive and not something that everybody can afford to have. Renting a property, such as a house or an apartment, is an alternative that a lot of people turn to when they want to find a place to stay, when buying a property is not one of their options. It is cheaper compared to buying an entire property and more attainable. Real estate businesses statement not only help individuals find a property to buy, but they also offer services to help individuals find an affordable place where they can rent.
Businesses who have their properties for rent make use of rental billing statements as a means of billing their tenants for the property they occupy. In this article, we have included rental billing statement sample and templates in different file types. You may download and use these templates as you please. To further your understanding about rental billing statements, we have also included some interesting information that you will definitely find useful.
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What Is the Difference between a Rent and a Lease?
Both rent and lease are used in the same line of business which is the real estate business. For for a lot of people, a rent and lease agreement mean the same thing, especially to those who have not been involved or have not tried renting or leasing before. If a rent and a lease does not refer to the same thing, then how different are they from each other? Let’s go ahead and run down on the differences between these two words.
- A rent refers to a short-term occupancy of a property that usually spans up to 30 days. A rental agreement tends to renew automatically every month without notice as has been agreed by both the tenant and the landlord.
- The rental agreement will not renew if the landlord writes a termination notice to the tenant or if the tenant does not wish to renew their stay in the rented property.
- The tenant pays for the rent on a regular basis, usually on a monthly basis. The landlord issues a rental billing statement sample to notify the tenant of the upcoming payment and when it is due.
- The landlord can change some parts or the entire agreement every month. They could increase the monthly rental price or add other applicable fees to it. you may also see Yearly Income Statements Samples and Templates.
- On the other hand, a lease refers to a set term or span of time where a tenant is given the right to occupy a certain property. Contrary to that of a rent, a lease agreement is a long-term agreement that is usually about six months to a year or longer.
- Lease agreements do not automatically renew when it expires. If the tenant wishes to renew their lease, then they would need to write a letter to the landlord. Often, landlord’s send renewal notices to their tenants to tell them that the agreement is about to end and they wish to renew or not with the same terms or with new terms.
- While the agreement is on, the landlord cannot make any changes to the lease unless the tenant agrees to these changes.
- The payment arrangement of in a lease agreement largely depends on what has been agreed upon by both the tenant and the landlord.
Rental billing statements are specifically used for rental businesses and that is why it is important to learn the differences between a rent and a lease. Other types of statements you may be interested in are travel expense statements samples and templates, declaration statement samples and templates, and yearly income statements samples and templates.
Uses of a Rental Billing Statement
The following are some of the uses of a rental billing statement.
- Rental billing statements are used to notify tenants about an upcoming payment, including the amount they need to settle to continue staying or using the rental property.
- Landlords demand payment by issuing a rental billing statement to their tenants.
- Rental billing statements provide a detailed list of what the tenant is paying for, including the applicable taxes and fees. you may also see Declaration Statement Samples.
- Rental billing statements serve as proof that the landlord has properly notified the tenant of their upcoming payment. For the tenant, it serves as proof of the date when payment is due and other things, which they can use if the landlord tries to demand something different from what is written in the statement. you may also see Personal Financial Statement Samples.
- Rental billing statements are kept as important records of a business that can be used in declaring the and filling for how much tax a business needs to pay.
- It is a very useful tool that can save any business from answering unwanted audit questions.
Need to know more about statements? Then you might want to drop by our website to check the interesting collection of statement-related articles that we have to offer. Some useful examples are Warranty Statement Samples & Templates, Disclosure Statement Samples and Templates, and Personal Financial Statement Samples and Templates.
How Much Security Deposit Can a Landlord Charge?
A security deposit is the amount of money that a tenant pays to the landlord that serves as the landlord’s protection in cases where a tenant breaks, damages, or destroys some parts of the property or certain things in the property, or when a tenant violates certain terms and conditions of their agreement. A security deposit is different from that of the advance payment for the rent. A tenant pays the rent in advance and also pays for the security deposit.you may also see Room Rental Agreement Form Samples.
There are certain laws that govern how much a landlord can charge for security deposit. Often it is equivalent to one or two months worth of rent, but it should not be more than that. There are slight changes to this amount from one state to the other depending on the state laws being followed. Security deposits in rental properties work the same way as security deposits in hotel businesses. The landlord returns the security deposit to the tenant if the rental agreement ends provided that there were no incidences that led to the use of the fund.
The following are the situations where a security deposit is used:
- To cover for repairs or restoration when the tenant breaks or destroys some parts of the rented property
- To cover for unpaid rent in the event the tenant misses making the payment for a particular month
- To pay for the needed cleaning of the property that resulted from wrong use or lack of care by the tenant
Security deposits should not be used by the landlord to cover for regular wear and tear of the property as it is not intended for that use. Other rental agreement titles you may be interested in are Equipment Rental Agreement Samples, Apartment Rental Agreement Samples, and Room Rental Agreement Form Samples.
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What Should Be Included in Your Rental Billing Statement?
Rental billing statements need to be detailed and should complete all of the necessary information that a tenant needs to know about their rental bill. A list is provided below to help you learn about the things that you should look for on your rental billing statement.
- The name of the property or building
- The complete address where the rental property can be found
- The name of the landlord statement issuing the billing statement
- The date when the rental billing statement is sent
- The date when payment on the rental property is due
- The name of the tenant occupying the particular rental property
- If it is an apartment complex, the exact location of the rented apartment should be included, like unit number and the floor number
- The dates that are covered by the rental billing statement
- The total amount needed to be paid, which includes the taxes, utility fees, and other applicable fees as stated in the basic rental agreement
- A breakdown of the taxes and other applicable fees
- The mode of payment accepted by the landlord
- Other important disclosure statement and miscellaneous fees
These are the things that one can commonly see in a rental billing statement. There could be more depending on what things or charges need to be included in it. We hope that you are able to learn about renting and rental billing statements in this article. There are other related articles available for you to view and download on our website, like Net Worth Statement Samples, Legal Statement Samples and Templates, and Mortgage Statement Samples and Templates.
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