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5 Essential Rules Every Lease Agreement Should Cover
The lease agreement is a contract or legal document between the renters and the landlords. sometimes agreement is also referred to as Rental Agreement Format and is one of the most important documents that have to be taken care of while renting or purchasing a new property.
It allows the renter to use the property managed or owned by the landlord without causing any damage to it. This agreement does not grant ownership rights to the renter. It has all the rules and conditions that the renter need to follow while using the property of the landlord. During the lease period, the tenant is responsible for taking care of the property.
It is very important to get the Rental Agreement Format done in order to know the property rules, parking restrictions, lease renewable rules, description of the property, terms of rent, and several other things that come written in the rental agreement.
5 essential rules of the lease agreement
There are certain rules that need to be followed while preparing a lease agreement. Here are the 5 most essential rules of a lease agreement:-
- Name of both the parties:- It is very much important to mention the name of both parties. It clearly specifies the persons who are bound by this agreement.
- Property description:- It includes the mailing address of the property such as property name, house number, street name, town, state, and postal code. It also includes the name of the owner.
- Maintenance and repairs:- The rental agreement solves most of the conflicts between the tenant and the landlord as it clearly specifies the name of the party who should be responsible for the maintenance and repair of the property. It also specifies the restrictions on the repairs that have to be done by the parties.
- Duration of the rental agreement and rules of real:- Usually a rental agreement lasts for 11 months, but one can surely enter into an agreement for a longer period also. It is very much important to mention the duration of the rental agreement. The agreement should also mention the consequences of terminating the agreement and the rules for renewal of the agreement. When the rental agreement should be renewed and how what will be the hike in rent and provision of negotiation are the other several things that need to be mentioned in the rental agreement.
- Security deposit, rent, and other deposits:- This thing is very much important to avoid any kind of misunderstanding between the landlord and the renter as there is money involved. The document should mention the amount of rent and maintenance that needs to be paid every month. It should also mention the last date of paying rent. It should also mention the amount of security deposit that has to be done before shifting in the property. Other bills such as electricity, and water(if any) also has been mentioned in the rental agreement.
So, by keeping all these things in mind prepare the rental agreement sample. It protects the interests of both parties and also avoids any kind of misunderstandings and legal actions between them. There are several Rent Agreement Samples that you can follow to make your rental agreement or consult a property lawyer to do so.