Rental Agreement: All You Need to Know
You need a rental agreement if you are renting out your property to
tenants where they will be required to sign. Everybody is aware of
rental agreements, but not too many people know exactly what they are.
In fact, many people are caught off guard by some of the terms and
conditions that are outlined in a rental agreement. There are certain
components that any rental agreement must include in order for it to be
legal and it varies from state to state. You have to make sure what is
required in your particular area. There are few components that the
rental agreement must cover.
1. Payment methods should be outlined on the rental agreement so that
the tenant knows how they can pay the landlord.
2. Make sure that the rental agreement states what will happen in the
case of defaulting on a payment.
3. Late fees should also be outlined in the rental agreement to go along
with default payments. This will allow the tenant know up front how much
they will be penalized for a late payment. Moreover, the landlord will
have the right to assess a late fee in order to cover the losses or
damages that they will incur.
4. Rules that outline the alterations that a tenant can make. This is to
ensure that the tenant does not make any restricted renovations.
5. A rental agreement should touch on the subleasing especially if you
are a tenant and you may be taking part in this practice.
6. A rental agreement should cover the subject of abandonment. In
another words, what are the landlord's options if the tenant leaves the
property without notice?
7. Inspection and landlord access are very important when it comes to a
rental agreement. This will detail when and how landlords will be able
to enter the property in order to inspect the property at pre determined
times. The landlord has the right to inspect the property as determined
on the rental agreement. Again, this will vary from state to state. Make
sure that you know the law in your state. This is an important landlord
right to have in order to protect their investment. These types of
inspections will be able to turn up behavior and damage that may be
cause for eviction.
8. Maintenance is often another important issue on the rental agreement.
You will need to know how this is taken care of and who is responsible
9. Utilities need to be clear stated on the rental agreement on which
utilities are included in the monthly rent and who will be responsible
on the bill.
All of these are important to any rental agreement. Especially if you
are the landlord of a property, you will need to have a rental agreement
and there is no two ways about it. You also have to make sure that it is
accurate and can be used legally. You can actually find a rental
agreement that you can use in numerous different places.
The best place that you may want to search for a rental agreement is
online. There are various websites that offer rental agreement. An
example of a reputable service is at
RentalAgreements.net. Here, you
can purchase the rental agreement that is guaranteed to be legally
accurate and appropriate for your state. Typically, a rental agreement
from an online website will not cost you anything more than $10 or $15.
Obviously, this is much better than drafting your own rental agreement
and taking the risks of missing out the crucial legal binding clauses.
Alternatively, you can get help from real estate professionals by
contacting a real estate agency that is familiar with rental agreements.
They may be able to provide you with a sample rental agreement that you
can customize and use as your own.
In general, a rental agreement is a legal contract between landlord and
tenants. For this reason, the rental agreement needs to meet the laws
and requirements of the state while outlining every aspect of the lease