The rental agreement is very important in renting a property. This protects both the tenant and the property owner. With this, the property owner will know his responsibilities towards the rental property, the renters as well as the community where the property is located. This also aids the tenants as this gives them guidelines on what they can and what they cannot do. This will also serve as a reminder for their obligation not only to the property owner but also to the property and the neighborhood it is in.
The said contract covers several items. Some of the key items are listed below:
It is very important that the information of the property owner or owners is included in the contract. It should also state the number of owners of the property. Additionally, it should identify the business structures, which could be a sole proprietorship, a partnership or a corporation. The information of the property is also needed. The address has to be identified. The type of property should also be described. Some of the several types of properties are the house, apartment and condominium.
Tenants should also provide their information. Their contact information may also be asked. It is very important that their permanent address be provided. This should be different from the address of the property they are renting. The names and the number of occupants should be indicated. Additionally, the type of tenant has to be identified. The renter can be an individual or a corporation. If there is a guarantor, his name and other details should be indicated too.
There should also be ample description of the property. If there are furniture in the property, the value of those items should be specified as well. Other information relating to what is allowed and what is prohibited in the property should be indicated as well. An example would be the subject on pets. Are they allowed? If they are, how many pets are allowed?
It should also mention the terms of the lease clearly. It should state the duration of the contract. The frequency of payments should also be clear as well as the amount to be paid per payment, including its schedule. If there are additional fees like penalties for late payments, it should be clearly stated in the contract as well as the manner of its computation. The security deposit should be discussed as well. The contract should specify if it would be returned to the renter after the period of the lease or not.
There should also be proper disclosure especially in terms of mold contamination in the past and the presence of lead paint.
It should also cover legal fees. It shall specify who will pay for the legal fees in future lawsuits.
It is very important to have all these items covered in the contract. This will not only protect the parties involved but will also provide guidelines for them. It should be clear as well. In order to make sure that no rights are abused, it is important that the contract abide with the different laws on tenancy.
Notice: In accordance with FTC guidelines, we state that RealEstateProArticles.com has financial relationships with some companies and may be compensated if consumers choose to buy, subscribe or take any action to a product or service via the links on our website. Occasionally, we receive free access to review a product or service. We do not accept compensation in exchange for a positive review. These reviews are strictly the opinions of the author.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites
