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What is a Rental Agreement Letter?
A rental agreement letter is a document that outlines the terms of renting a property, such as a house or a commercial space. This is a legally binding document between the tenant and the landlord.
How to Write a Rental Agreement Letter?
The American Housing Survey said that in 2015, there are more than 48 million rental units in the United States. With every lease transaction, landlords and tenants reach an agreement through a letter. This serves as a negotiation for both parties.
If you need some ideas in writing a rental agreement letter, read our tips below.
1. Express Appreciation
Tell the landlord that you appreciate his/her kindness of letting you rent his/her property. It brings the letter to a good start. Include the address of the property and your length of stay if needed.
2. Add Terms
Give some of the terms that you've agreed on verbally with the tenant. These can be the amount of deposit, the monthly rent, parking agreements, payment extension, termination clauses, and other stipulations. List them in bullet points in the document. You also have to be specific in writing this part of the letter. Make sure that all terms have the interest of both parties.
3. Describe the Needed Repairs
Specify the areas within the property that need repair. You can either pay for the repair or have the tenant do the task themself. This part of your simple letter may be left out if the property doesn't have any damage.
4. End with a Hopeful Tone
Wrap up the letter by saying that you're looking forward to having the tenant in your property. Provide spaces for signatures. This serves as proof that you both agree to the terms written in the letter.
Why should a tenant read rental agreements carefully?
A tenant has to read rental agreements carefully to understand the terms well. Failing to understand the agreement as a whole can put him in a dangerous position if misunderstandings arise between him and the landlord.
What is a month to month agreement?
A month to month agreement is a type of agreement that gives the landlord the power to evict the tenant after a month. The terms don't need to change, but the landlord can always terminate it based on their gut feeling.
Is it really important to put a rental agreement?
Yes, it is. A verbal agreement is very hard to enforce. If it's put in writing, it can be legally binding for both parties. It serves as a proof for the tenant to be entitled in other services that the landlord should offer. The written agreement is a big factor when disputes between the landlord and tenant take place.
When is the rental agreement legally binding?
A rental agreement becomes legally binding when both tenant and landlord affix their signatures on it.
What's the difference between a lease and a rent?
In using a property, a lease typically lasts for 6 months or up to a year while a rent typically lasts for a month and can be terminated anytime. The lease is the contract for using a property while the rent is the payment under the terms of the lease.