Rental Contract Forms
By: Gloria S. Smith
Not all people today can afford to buy a home that is why some just opt to rent an apartment or a house. Some people, notably businessmen, also move from one place to another every now and then which does not give them the chance to establish a home in just one area.
Renting a real estate property entails an agreement or a contract that legally binds the tenant and the owner of the property. The agreement normally stipulates the rules the owner has set which the tenant should abide by during his stay in the property. Through this contract, the tenant obtains the right to possess the property in return for paying the lessor a certain amount of money as rental payment.
Stipulations in the agreement agreed upon by the two parties include, among many others, the address of the property, duration of rent whether for a few months or several years, details of all deposits and amount of rent usually on a monthly basis payable at a certain time period and at a specified place. The agreement has to be in writing and signed by both parties to be considered legal.
In the U.S., laws on renting real estate and rental agreement forms vary from one state to another. Basically, they address several issues which we share with you below.
- Modifications and repairs. These pertain to rules whether or not a tenant is allowed to make changes in the property such as repainting and repairs.
- Inspection and landlord access. This specifies when and how landlords may enter the property for inspection.
- Lawful use of premises. This refers to the tenant’s right to rent the property and the limitations regarding use of the premises.
- Rent and late fees. This aspect specifies the time and method of payment of the tenant for the rent as well as the collection of late fees if he or she pays after the due date agreed upon.
- Security deposit. This states the legal maximums and the length of time until the deposit is returned to the tenant.
- Utilities. This specifies who pay the lights and water.
- Parking. This states whether or not parking is available in the area where the property is situated.
- Maintenance. This subject pertains to who will be responsible for the maintenance of the apartment or house and the way it will be maintained.
- Default and breach. This refers to the remedies to be taken when the tenant commits a breach of contract such as failing to pay the rent.
- Drug offenses. Many states call for unconditional quit notices should a tenant be found guilty of committing drug-related crimes within the property.
- Termination of contract. This refers to how an agreement can be terminated. A notice is usually required and it varies from state to state.
- Surrender of premises. There comes a time when a tenant may have to give up his or her occupancy. This aspect states how and when they can do that.
Be sure to research about the rental form in your respective state and not just rely solely on what are offered on the internet. And of course, before signing any agreement, make sure to read and understand all the details carefully.
Article Source: http://www.ezarticles.info
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