Contracts and Agreements are vital in business and personal transactions. They outline the terms and conditions agreed upon by all parties involved. Understanding these documents ensures that your rights…
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47+ Sample Basic Rental Contracts
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What Is a Basic Rental Contract?
A basic rental contract contains the terms and conditions agreed by both parties, which involves the lender and the borrower, for renting out a property for a short term. One can see this contract as a blueprint where all the responsibilities of both parties are laid out for easy and clear comprehension as well as the essential clauses of a basic rental contract. Through a contract, the fulfillment of both the interests of each party is guaranteed. What makes a rental contract different from a rental agreement is that it is enforceable in court that in the event of any issues and problems between the two parties, they can further settle it in court. Additionally, rental contracts can be used for either commercial or non-commercial purposes.
Why Make Use of a Basic Rental Contract?
Renting things and properties nowadays are getting convenient, but with the absence of a basic rental contract between the two involved parties, things can get complicated. Rental contracts are instrumental in making sure that everything is in its place.
Disputes are relatively common among rental businesses, and these stem out from so many reasons. For instance, you rent out the spare room of your house without a room rental contract. For sure, a lot of unfavorable circumstances would happen. Your tenants might not pay on time, might stay for as long as they want, or even destroy your belongings and you will have difficulty in holding any liability against them. The list can go endless. To prevent any issues or problems from arising, you need a basic rental contract that will ensure peace between two parties.
If you are the lender, having a rental contract shows that you are not neglecting the properties you rent out and that you want to be taken seriously as the owner of such properties. If you rent out a residential property, you can set the boundaries that you want to exist between you and your tenants. It is in this way that rental contracts can effectively set the expectations that both parties can expect from each other. And when these expectations are not met by either or both parties, then any dispute that arises from it can be mitigated with the help of the signed rental contract. With a signed rental contract between the lender and the borrower, each party can feel relieved of the fact that no room is made for any possible disagreements down the road.
Choosing the Right Rental Contract Type
Dwelling and living spaces are not the only properties that people can rent and rent out. There are other properties such as an event venue, facilities, sports equipment, and means of transportation that can be rented and rented out. To know the best type of rental contract for your needs, you need to get familiar with the various types of basic rental contracts that will help you determine the suitable rental contract needed upon renting out various properties.
Crucial Clauses of a Basic Rental Contract
While you can always make use of a ready-made basic rental contract template, keep in mind that there will always be some clauses that are not necessary to include. However, some items should always be found even in the most basic rental contract. Know these must-have clauses of a basic rental contract below.
How to Draft a Basic Rental Contract?
Once a rental agreement has been made, seal the deal with a rental contract that will establish the rental terms. That said, come up with a basic rental contract by following these easy-to-follow steps below.
Step 1: Consider the Use of Rental Contract Templates
If you need a rental contract as soon as possible, consider downloading and customizing a rental contract template. Instead of starting from scratch, you can hasten the entire process if you opt for a basic rental contract template that you can easily customize and incorporate your preferred details. That said, you may use the rental contract templates that we have here to get you started.
Step 2: Identify the Parties Involved
Indicate the identifying details of the parties involved which is the landlord or the lender and the tenants or the borrowers. On the landlord or lender’s end, including the address of the rental property (if it’s non-equipment), contact numbers, and email address. The same goes for the borrowing party.
Step 3: Discuss the Rent Details
For this section of your rental contract, you should be discussing the rental period, precisely the date when the rent starts and when it ends. This should also include the due dates and any late payment fees. This may also include the address where the tenant or the borrower should forward the rental payment or the late fees.
Step 4: Incorporate the Crucial Clauses
Even if you already have a template to aid you, it does not mean that its contents are already the endgame for the type of rental contract you are about to make. You would still need to customize some of its aspects to make it more suitable for your contract needs. Upon customizing, make it a point that you include the crucial clauses mentioned above which include the default clause, joint and several liabilities, severability clause, subleasing clause, and renewal clause.
You may add more, which is entirely all right since the more detailed your rental contract is, the lesser the chances of problems or disputes within the rental period. Just make sure that whatever you add will be helpful for the relationship between both of the parties involved.
Step 5: Proofread and Check the Contents of Your Contract
Before you have the contract signed by both parties, you must proofread and check the contents of your contract first before you do to avoid any problems down the road. Other than checking the basic spelling and grammar, make sure that you also check that the contents of your contract coincide with the laws in your area to make it valid and enforceable.
Step 6: Sign the Rental Contract
To finally seal the deal, both parties must sign to make the rental contract valid, legal, and enforceable. You don’t have to worry about securing witnesses or signing it in the presence of a notary as it is not required. However, if you want to make your rental contract even more secured, you can never go wrong if you wish to secure witnesses and sign in front of a notary.
It is only natural that you would want your interests protected when renting out your properties. And if you are the one renting, it is also equally natural that you would wish your interests to be secured as well. That is why it is important to have a rental contract that will ensure the rights and responsibilities of both parties. We suggest you check out and download the rental contract templates and examples that are compiled in this article just for you. Armed with the basic knowledge of creating rental contracts, you can now make one of your own and start building an amicable relationship with your clients or tenants today!