You should have an agreement between you and your tenant agreeing on the terms of their stay before renting out your property. It’s necessary that your tenants sign the rental agreement before you rent your property out. At some point you’ll have a tenant who turns out to be a headache and therefore having agreed beforehand on terms of his stay will help you in dealing with them. Both the tenant and landlord are protected by having a contract between them. Having a contract between the two of you is a good gesture that shows you’ll meet the terms of your agreement. There are some basic terms that need to be included in a lease agreement to make it feasible. There are many lease agreement available on the internet, it’s however important to ensure that it contains all the necessary basics. This article discusses the terms that must be included in a basic rental agreement.
Parties of the agreement must be included. It’s vital that a lease agreement for a rental property includes who the lease is between. For a rental property, the agreement is between the landlord, or their agent and the tenant. Names of the tenant and landlord should be included in the lease agreement. The document should clearly state that the person renting the property is henceforth referred to as the tenant and the one renting it is the landlord, this ensures that the terms in the contract apply to them. The terms of the agreement between the tenant and landlord, therefore, apply to them. The location of the property also needs to be included in the rental lease agreement. Include the hose number and the name of the building, if it has one, on the lease. Address, street name, postal code, and the state are also vital in the identification of the building.
The term of the lease should be included. The period of the lease is the lease term. Long-term leases are usually a year. A month to month lease agreement is also possible. Ensure that you include the period through which the lease agreement is valid. The date where the lease agreement starts and when it ends should be included. Rather than writing the period of the lease agreement, write down the specific dates. When it comes to leasing agreements ensure that they end during a seasonable time. This ensures that you get a renewal for your lease quickly and not have your property sitting out without a tenant. Include the amount the tenant has to pay. Divide the yearly lease to monthly allotments.
Make your contract binding after including the terms. If the tenant and the landlord haven’t signed the contract it is worthless. You are able to establish a good relationship by including these terms in your lease agreement.