Planning to write a rental contract for your new rental business? No problem, because rental contract templates will help ease your current dilemma, but first, one should know what a rental contract is. In real estate, rental contract is a binding document between a landlord and a tenant in stating the terms and conditions of the payment of the rent on a monthly basis and conditions could eventually change after each month. You may also see Contract Templates.
Land contract, on the other hand, is a seller financing activity that’s similar to a mortgage (mortgage contract template) yet paying directly to the owner instead of borrowing money from a lender. This would sometimes lead to a property management contract, an agreement between the property owner and property manager, where the manager has the duty control, operate, and manage the rent or lease of a property.
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Basic Elements in a Rental Contract
A good and effective rental contract shall address all the important and relevant issues regarding the rental agreement and that it should protect the owner and the tenant fairly. Every legal contract (legal contract template) such as a business contract (business contract template) and rental contract shall have the following elements:
- Property Description – this portion is a synthesis of the rental agreement. This mainly concerns the name of the property/building, physical address, and other related stuff.
- Parties to the Agreement – two parties must exist in order to create a rental agreement that must be agreed by both parties. Legal names and address shall be provided in this section.
- Terms – there must be a clarity in regards with the duration of the rental. The dates and location where and when should it be possible. All pertinent concerns shall be properly addressed—the monthly payment, deadlines, where to pay, and the form of payment (checks, bank account transfer, money order, etc.).
- Deposit – a security deposit is a safety measure a tenant should do to protect the property in case of payment failures.
- Property Assurance – there must be clarity as to who’s going to take responsibility for the repairs of the damages and the proper maintenance of the property.
Rental Contract in PDF
Sample Rental Contract
Why Is Rental Contract Important?
Any form of legal document is considered to be critical and vital in every aspect it is used for, that is why it is very important to always make sure that the overall document should undergo a careful process of creation. Hence, contract templates are always considered to be very helpful, especially to those people who are apprehensive in creating contracts.
Rental contracts should be carefully created because:
- It is a document that means a tenant accepts the liability, that everything that’s being mentioned in the contract is being fully understood by him or her. And that by any chance of trouble or untoward incident, the tenant is held liable.
- Provides legal authority to the tenant to do everything as long as it is within the scope of his or her power, and that he or she sticks to the tenancy agreement condition. Legal and moral authority is included in compelling his or her power.
- A rental contract serves as proof of conditions and inventory of the property. By the time a contract ends, it is normal to expect some disputes and misapprehensions. Disagreements may arise in regards to the physical state of the property, that is why rental contracts should be present to attest to who should be held responsible for any outcome.