If you`re thinking about renting out your property, it`s important to have a home rental agreement in place. Not only does it protect the landlord, but it also ensures that the tenants understand the terms of the agreement. In this article, we`ll go over what a home rental agreement should include and provide a sample for you to use as a reference.
What should be included in a home rental agreement?
1. Names of parties involved: List the names of all parties involved, including the landlord, tenant, and any co-signers.
2. Property information: Include the address and any other relevant information about the rental property.
3. Term of the lease: Specify the length of the lease, including the start and end dates.
4. Rent payment information: Outline the rent amount, due date, and any late fees that may be incurred.
5. Security deposit: Explain the amount of the security deposit and how it will be returned at the end of the lease.
6. Maintenance and repairs: Describe the responsibilities of both parties when it comes to maintenance and repairs.
7. Use of the property: State the permitted use of the rental property and any restrictions.
8. Subletting: Include whether or not subletting is allowed and under what circumstances.
9. Termination and renewal: Cover how the agreement can be terminated by either party and any provisions for renewal.
10. Signature and date: Both parties should sign and date the agreement to make it legally binding.
Home rental agreement example:
[Insert Date]
This Home Rental Agreement (“Agreement”) is made and entered into by and between [Insert Landlord Name], hereinafter referred to as “Landlord,” and [Insert Tenant Name], hereinafter referred to as “Tenant.” Landlord and Tenant hereby agree as follows:
Property Information:
The Landlord agrees to rent to the Tenant the property located at [Insert Property Address]. The rental property includes [Insert Property Description].
Term of the Lease:
This lease shall begin on [Insert Start Date] and end on [Insert End Date]. It is understood that this lease will automatically renew for an additional [Insert Renewal Length] term(s) unless Tenant provides Landlord with written notice of termination at least [Insert Termination Notice Length] days prior to the renewal date.
Rent Payment Information:
Tenant agrees to pay rent in the amount of [Insert Monthly Rent Amount] on the [Insert Rent Due Date] of each month. Rent payments must be made to [Insert Payment Method] and any late payment will incur a late fee of [Insert Late Fee Amount].
Security Deposit:
Tenant shall pay a security deposit of [Insert Security Deposit Amount] to the Landlord at the time of move-in. The security deposit shall be refunded to the Tenant within [Insert Security Deposit Return Length] days after Tenant vacates the rental property, provided there is no damage to the rental property and all rental payments have been made.
Maintenance and Repairs:
The Landlord will maintain the rental property in good and safe condition. Tenant agrees to keep the rental property clean and to promptly notify the Landlord of any necessary repairs or maintenance. Tenant may perform minor repairs and maintenance themselves, provided they are qualified to do so and notify Landlord of the repairs performed.
Use of the Property:
The rental property is to be used as a residential dwelling only. Tenant shall not engage in any illegal activities on the rental property.
Subletting:
Tenant may not sublet the rental property without the written consent of the Landlord.
Termination and Renewal:
Either party may terminate this Agreement by providing written notice to the other party at least [Insert Termination Notice Length] days prior to the termination date. If notice is not given, the lease will automatically renew for an additional term. If Tenant chooses not to renew the lease after the initial term, Tenant must vacate the rental property by the end of the lease term or the renewal term if applicable.
Signature and Date:
Landlord: [Insert Landlord Signature and Date]
Tenant: [Insert Tenant Signature and Date]
In conclusion, a home rental agreement is an essential document for any landlord and tenant relationship. By including the necessary information listed above and using our example as a reference, you can ensure that both parties are protected and on the same page.