In political philosophy, the social contract theory involves the individual and the state. This contract, supposedly, justifies the power of the state. In other words, it legitimizes the role…continue reading
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What Is a Rental Lease Agreement?
A rental lease agreement is a legal type of document that states the different terms and other necessary pieces of information that is presented to the tenant or lessee by the landlord or the lessor. The rental lease agreement will cover every detail about the space or area. This will also specify the specific restrictions in the living area, the utilities included in the rent as well as the maintenance and repairs. This can be used in occupying either a residential unit or a commercial space.
Key Elements Included in a Rental Lease Agreement
Step by Step Process of Creating a Rental Lease Agreement
With the templates that are available above the process of writing one will become easier and faster. Still, to fully know and understand the agreement here are the different steps necessary.
Step 1: Select a Format
The first step would be to select a template that will be presentable and that would fit your taste. In some cases there are more and longer descriptions of the restrictions and different key elements of the agreement that is why it is important to carefully select a template that will be perfect for you.
Step 2: Fill Out the Agreement
Fill out the necessary pieces of information in the document. Remember to politely ask the information of the tenants and thoroughly explain why there is a need for their name and contact information. Also, be detailed in explaining to them the restrictions and the occupancy limit this will be helpful in having a peaceful agreement between the two parties in the long run.
Step 3: Review the Agreement
It is a crucial step to go over the document before making it official. In this step, both parties have to check for any errors in the agreement. Go over the renting price, payment method, maintenance and repairs and the security deposits once more as this is crucial because it involves financial assets.
Step 4: Sign the Agreement
After reviewing the agreement, both parties must sign the agreement to make it an official document. This will be a testament that both parties have agreed to the different terms stated in the agreement. This is important so that in times that there are complications and arguments, a rental lease agreement may be put forward to check the terms.
What Are the Do’s and Don’ts of a Rental Lease Agreement
The Do’s of a Rental Lease Agreement
The Agreement Should Be Complete
It is important that the document must be finished. In order to avoid suspicion and problems in the future, every section in the agreement should be stated and filled out.
Prove That You Are Credible
Some landlords may require you to provide an employment history. This will show that you are capable of paying the rent regularly. If you are not working, give them details on how you plan and how you will manage the payment.
Have a Good Reference
In some cases landlords may ask for recommendations and ask if the tenant is a good housemate and does not have any illegal activities. It is important to select a good reference in order to persuade the landlord that you are a potential candidate. This is just like in a curriculum vitae wherein you need to include a character reference.
Before moving in, you should prepare a home checklist. This will help in making sure that the property you will be renting and living in will meet your taste and standards.
It is important to fully know the details about the property. Ask some questions, this will also show the landlord that you are credible and responsible.
Beat Your Competitors
This is optional. In some cases there are competitions that are also eyeing the property you want. In this case it is best to offer to pay a little bit of an extra in order to beat your competitors.
It is important to follow up your application. This will show that you are really interested in the property. Also, be responsive, this will help to persuade the landlord to select you as the winning tenant.
The Don’ts of a Rental Lease Agreement
In trying to win a property. It is definitely a bad thing to offer a bribe. This can be considered offensive and will seem creepy. Sucking up to the landlord might make them feel uneasy.
Do Not Lie
In providing your employment history it is better to be honest. This will prove that you are hardworking and willing to win the property. Also, in the rental lease agreement restriction section, it is better to be honest if you are smoking or if you have a pet. This will help in proving that you are responsible. This may lead to a negotiation with the landlord.
Do Not Be Late
In this industry, it will always be first come, first served. It is important to complete the agreement as soon as possible.
What are the responsibilities of a landlord?
The usual duties of a landlord is repairing the normal wear and tear in the house as well as fixing ventilation problems and water problems. They should also respect the privacy of the tenant. After the term of the lease has ended, it is a must that the landlord return the security deposit to the tenant.
What is the difference between a rental agreement and lease agreement?
A rental and lease agreement is often interchangeable. However, there is a slight difference between the two terms. A rental agreement is usually a short-term agreement. It is an agreement that lasts only for months. On the other hand, the minimum length of a lease agreement lasts for one whole year. In case that there is a violation in the lease agreement someone has to take over and pay for the lease or else the advance or the deposit will not be returned to the tenant. These instances must be covered in the lease termination letter.
A rental lease agreement is an important document that will prove that you are a legitimate landlord as well as prove that the tenant is responsible. It is important to remember that all the sections in the document must be read and reviewed carefully to fully understand the terms. This will help in avoiding issues and complications. This will also be a proof that both of the parties are in agreement. Make sure to try out the templates that are available above. This will help in creating a detailed and complete rental lease agreement.