A Guideline for Rental Lease Agreements
If you want to rent one of your properties, you will need rental lease agreements. This is a long document & may be difficult to write especially if you do not have the relevant background. That is why we will guide you in this article by explaining what you have to know about it.
What Are the Differences between Rental & Lease Agreements?
The terms of rental agreement and lease agreement are often used interchangeably. You should know the differences between them. For your information, a rental agreement is considered as a month-to-month agreement. Besides, it also lets you to change the terms after one month.
Still related to a rental agreement, it is considered as an open-ended agreement. Therefore, it is easier for each party to leave the agreement. One more thing you need to know is that this agreement may have automatic renewal unless it is terminated.
On the other hand, a lease agreement is set for a fixed time period. For example is for years. Besides that, after this agreement is signed, the terms are fixed. Then, it is also impossible for one party to leave the agreement before the terms of agreement is up.
One more, a lease agreement needs to be made anew especially if both parties want to continue the agreement after the fixed terms. By knowing the differences between a rent & a lease agreement, you will not be wrong to write the agreement based on what you will need.
How to Create a Rental Lease Agreement
If you want to make a rental lease agreement template, you will need to provide various details related to your property. Besides that, the terms of the possession where the tenant agrees to must also be described and explained as clear as possible in this agreement.
Firstly, you will have to mention the numbers of tenant including their names as well as their contact details. The contact details can relate to their complete addresses, active home or cell phone number, email addresses, and any other required information about their contact details if any.
Writing a rental lease agreement letter also requires you to state the duration of agreement in which the property will be possessed by the tenant. After that, do not forget to include the information about the amount of money for the rent agreed. If there is any required deposit, you have to state it clearly.
The frequency the rent needs to be paid must also be stated in detail. Then, it is also important for you to describe the facilities related to the rented property. If there are some facilities, it must be clearly stated whether you let the tenant to use them.
Rental lease agreements look like a contract which is created between 2 parties. It is divided into some parts where you have to include the details of both parties, the property being dealt with, terms of agreement, rent details and also deposit. Now, you can start writing your own rental lease agreement.
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