Rental agreement is a legal document between two parties. It can be oral or written. It may be simple and brief, or it may contain extra conditions or obligations. Any and all changes or additions to a verbal or written rental agreement should always be noted in writing. A well-designed rental agreement template will save you time and include the necessary information.
Rental agreement Types
A rental agreement can be for a fixed period of time, a month to month period or a week to week period. If a landlord and tenant sign a written rental agreement for a fixed period of time, usually for one year, they are bound by the terms and conditions until the end of the fixed term. There are mainly three types of Rental Agreements: weekly, monthly or a fixed term of not less than 6 months and not more than 12 months.
The type of rental agreement will determine when the rent is due and the minimum notice of termination to be given by the landlord or tenant.
Rental agreement template
When designing your rental agreement template, it is important to include the following key information. There are three main sections you need to include in your template.
The first part of your rental agreement template is for regulations on occupancy. A landlord has the right to request the names of the people living in the unit. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children. This guarantees your right to determine who lives in your property
The second part of rental agreement is for rental types, payment and deposit. In this template section, you need to state the duration of the rental agreement and the method of rent payment. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases. Your lease or rental agreement should specify the amount of rent, when it is due. The rent is usually due on the first day of the month unless the landlord and tenant agree to a different due date. If the rent is not paid on the due date, the landlord may serve the tenant with an eviction notice on the following day. A landlord may require a deposit for the rent, it can state like this: Tenant will pay the following deposits and/or fees __ to __, and This amount will be refunded within predefined period following the termination of the tenancy; unpaid rent, charges for damages beyond normal wear and tear, and costs for reasonable cleaning may be deducted.
The last part of rental agreement template is for property repairs and maintenance. It should be clear to the landlord and tenant, upon entering into a rental agreement, what services and equipment are included with the rent. Services agreed to at the time of entering into a rental agreement cannot be changed without mutual consent of both parties, or by making application to the director of residential rental property.