Rental agreement is actually a contract between two parties. One is the owner of a property and the other one is the tenant. A rental agreement is also called a rent deed or lease deed. The Rent agreement contains the details of the property, the owner’s name and the tenant’s name. The term of the rent or lease and the monetary amount of the rent for the said period of time. A good rent agreement protects tenants’ and owner interests and prevents misunderstandings that could potentially lead to litigation.
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The following are the essential conditions that should be in every Rent Agreement:
Parties of the Agreement –
The parties involved, that is the landlord and the tenant should be included in the agreement along with the permanent address of both the parties, as both parties are bound to the agreement.
Terms of rent –
The terms related to the rent amount agreed, the day of the month rent will be due. Where the rent is to be sent, and how it will be accepted (by check, by automatic draft, etc.) should be included in the agreement. The terms for late rent payment should also be in this portion of the agreement if there would be penalty on delay .
Agreement start date and termination –
The agreement should include both the start and end of the, as well as the details of how and when the landlord and tenant can end the lease. For example, terms like, an apartment lease can be terminated with one month’s notice etc.
Description of the property –
The rent agreement should have a description of the property to be rented and controlled by the rent agreement. It can be as simple as the address and apartment number. But it must be identified or the agreement cannot be enforced.
Security Deposit –
The amount of the security deposit should be included in the rent agreement. It should include the details of how it is to be paid, and the terms of its future release.
The rent agreement should also describe whether the landlord or tenant is responsible for damages to the property. There should be clear terms and condition. Who will take responsibility in case of any damage like water leakage or if any thing broken.
Property rules –
If the property is a multi-unit. The landlord may specify condition that govern behavior on the property, such as avoiding noises after 10 p.m. or not doing any vehicle repairs in the parking premises, etc.
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