Renting a place to stay or live in, especially when work is far from home, is a convenient way for a lot of professionals and students as this saves them the trouble of spending a lot of time traveling from one place to another.
In every property put on rent, a rental agreement should be in place. The agreement plays an important role on how each parties involve should act and what they should expect. We will discuss about rental agreements and its uses in this article. We have also included agreement samples and templates that you may use as reference.
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What Is a Rental Agreement?
A rental agreement is a document that provides the details about a rental transaction between a tenant and a landlord or owner. The agreement will only be considered valid if both the tenant and the landlord come into agreement with all the terms and conditions stated in it.
If any party disagrees with any of the stated terms and conditions, the agreement cannot be closed or it will not exist. Just like most agreements, a rental agreement includes details about the duties and responsibilities of each party while the agreement is in effect, the limitations as to what they can do with the rental property and who are allowed to use it, how much the monthly rent will be, what are the payment terms and many more.
Without a rental agreement in place, both parties can deny the things that has been discussed and agreed on by the other party or one of them may fall victim to fraud. The agreement will serve as an evidence to the transaction that took place as well as the specifics of the said transaction.
Uses of a Rental Agreement?
A lot of rental business owners use agreements for different reasons. It is a very useful document when it comes to legally running a rental business, like rooms or apartments for rent, car rentals, equipment rentals and many more. The list below will provide you with the uses of a rental agreement.
- Legally binding – Rental agreements are legally binding, especially if it has met all of the essential elements that makes it valid. Legally binding means that of all the parties involved in the agreement are bound to it and its terms and conditions, and they are oblige to do what is provided in the agreement.
- List of breach remedies – Now, if any of the terms and conditions in the agreement are violated or breached, the document is used as reference to determine the corresponding remedies for the violation made.
- Provides terms and conditions – This makes up the biggest part of the agreement and you can find the terms and conditions on just about any agreement there is. This serves as a reminders or guidelines for the parties involved in the agreement.
- Provides duties and responsibilities –Every party involved in an agreement should know their fare share of duties and responsibilities in an agreement so that they won’t commit any violation, crimes or non performance. That is why a rental agreement should be in place. They can review these things using their copy of the agreement.
- Outlines payment terms and payment amount – What is one of the first few things that you would want to check in a rental agreement? Well, that would be the payment terms and conditions which would include the payment amount, the payment schedule or frequency, the advance payments, security deposit, etc.
- Specifies limitations – In every agreement there will always be a limit to the things that each party is allowed to do and those details are provided in the agreement document. Of course, you would have this discussed before your actually sign the agreement.
- Serves as proof or evidence – Rental agreements are written agreements so you will surely have a document that will serve as an evidence that the transaction took place. This way there will be no denying or lying about the terms and conditions provided in the agreement.
- Serves as consent – If the the parties involve affix their signatures in the agreement, then that means that they gave their consent to that transaction to be carried out. The document will serve as proof of their consent.
What other uses of a rental agreement or agreements in general do you know of? It’s convenient to have a a rental agreement in place for any rental business as it helps sets it apart from all other businesses in the same industry. Also, a rental agreement produced in the transaction, makes the transaction secure and reliable. You may check out agreement samples and templates, like Drug Testing Consent Agreement Samples and Templates, Shareholders Agreement Samples and Templates, and Asset Purchase Agreement Samples and Templates.
What Are the Types of Agreement
There are two basic types of agreement, namely verbal agreements and written agreements. What are they and what so they do? Let us go ahead and find out.
Verbal agreements are the commonly used and abused type of agreement. You can promise to go out on a dinner date with your friends or agreed to pay for the dinner bill and that’s already a verbal agreement. As its name implies, the transaction is done through conversations and oral discussions that has been agreed on by you and another individual. It is sometimes used in legal transactions, like the sale of a second hand stereo which the buyer promised to pay on a particular.
A more preferred type of agreement is a written agreement. What makes them the preferred type is that compared to verbal agreements, written agreements have a document in place that will serve as proof of all the details and the scope covered by the agreement. It is also very important in long term transactions to ensure that the parties involved will be reminded of the specific details of the transaction. Written agreements can also be used as evidence in court proceedings or court trials.
When selecting which type of agreement you must use, it is important to consider certain factors that will make it appropriate for your needs. Agreeing to meet with your friend in another friend’s party doesn’t really require a written agreement because it would be unnecessary and in appropriate. Buying a brand new property without an agreement would put you in legal trouble and it would be a very reckless thing to do.
If you would like to know more about agreements and get samples and templates, then why not check out our website? Some of the titles you may find useful are Reseller Agreement Samples and Templates, Acquisition Agreement Samples and Templates, and Consignment Agreement Samples and Templates.
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Difference Between a Rental Agreement and Lease Agreement
A lot of people usually use a rental agreement and a lease agreement interchangeably but there are actually some differences between the two that serve as the guideline for comparison and identification. Here are some of the ways on how you can differentiate a leas agreement and a rental agreement.
- Lease agreements are used for a longer period of time which is the reason why it is commonly observed in business and commercial processes. However this is not limited to this matter as there are also lease terms that are agreed upon by entities involved in rental transactions. On the other hand, rental agreements are less restrictive as they can be used for a months time or even within a day or a week depending on the activity where an equipment item or location will be used.
- Lease agreements are used in bigger processes which means that the document can sometimes be longer and more informative than a rental agreement. As an example, leasing a residential space can take more regulations and protocols especially for homeowners and subdivisions and membership real estates rather than those rental spaces where a basic or standard rental agreement is used for a short period of time.
- Lease agreements are bound for a set of terms that cannot be changed during the entirety of the lease period. This is not the same case when using rental agreements as most rentals can be updated on a monthly basis or within a period specified in the actual document. This gives the entities who use the lease agreement more bounds and limitations with regards to the content needed to be followed for along period of time.
It is important to know the difference between a rental agreement and a lease agreement because this is how you will be able to choose the right terms and conditions to include in your agreement and all its other contents. If you know when to use a rental agreement and lease agreement, you will surely be able to take advantage of the type of business you are doing and boost profit in the long run.
We hope that yo are able to learn about rental agreements and agreements in general in this article. We also offer different varieties of other related articles on our website, like Business Sale Agreement Samples and Templates, Outsourcing Services Agreement Templates, and Sample Room Rental Agreement Templates.
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