There has been an increase in unemployment and housing crisis recently making many of the people who owned homes to turn to the renting of property. More and more people are getting into renting of homes including those that are getting employed.
The rental agreement is one of the most important documents when it comes to issuing or acquiring property on rental terms. This document generally outlines the rules that are supposed to be adhered to by the tenants in a rental property and also outlines the consequences of breaking the rules. With a rental agreement, a mutual understanding can be reached between both the renter and the owner of the property. There are a number of different terms that as a landlord or landlady, need to include in the rental agreement.
A good rental agreement should list the entities that are included in the rental contract thus the names of the landlord or landlady and those of the tenants should appear. The property that is being rented out should be well described in the rental contract. In order for the rental contract to be enforced, the building under the agreement should be well defined with an indication of details such as the address and the number of apartments in the building. There should be indications of what is expected and what is not expected when renting out the property. The lease agreement should contain details on the rent amount as well as the day that the rent needs to be forwarded to the agent or the owner of the property. A good lease agreement should indicate the location the money is to be sent as well as other related details on the form of payment and terms of delay in the payment.
The date on which the rental agreement is initiated and the date on which that agreement will expire should be indicated in the lease agreement. The terms of ending the lease should also be well indicated in the lease agreement. When it comes to drafting a lease agreement you should not forget to indicate the details of the security deposit such as text amount to be paid as security deposit, the manner through which it should be paid and how it can be released to the tenant in the future. Ensure that your lease agreement contains details of the occupants of the property and the consequences of over staying in the property. You should indicate if pets are allowed in the building. Ensure that the lease agreement has specific details of the number, size and nature of the pets to be kept as well as any payment for the pets.