A rental agreement is the most important document in a tenant landlord relationship. With that in mind, it’s worth the time, energy, and money necessary to develop it properly. After all, it’s the only thing that protects the rights of both parties.
Many landlords opt for single paged online rental agreement templates for their rental transactions. These documents are incredibly helpful, but it is important that you know what goes into agreements so you can learn how to write one of your own.
A lease agreement is a legally binding contract between a tenant and a landlord that outlines the terms and conditions of renting the property. Rental agreements include the monthly rent amount that the tenant will pay, designates who will be responsible for property maintenance and repairs, and the length of time the tenant will occupy the property.
Both terms are used interchangeably but there is a difference between the two. A rental agreement gives a tenant the right of occupation for a short period, usually a month. The termination of a rental agreement is subject to the move-out notice or it is renewed automatically.
On the contrary, a lease agreement gives the tenant a right of occupation for a longer-term, usually six months to one year. A lease agreement is not automatically renewed; instead, a new document must be drafted and signed at the start of each lease term.
One Page Lease Agreement Should Include:
This rental agreement is made by and between
Name of tenant/ Lessee
Name of landlord/lessor
The landlord hereby agrees to lease the property located in ( address of the property )
The length of the lease will be 2 years, starts on Saturday, March 13, 2021, and shall end accordingly subject to renewal for 2 years thereafter. The monthly rent is mutually agreed on $2000 to be paid monthly and the $4000 has been accepted against a security deposit.
Except for the water bill, the tenant has agreed to pay for the utilities for the period of the lease.
The property shall only be used for residential purposes.
A tenant has to notify and get written consent before subletting the property.
As per the building rules, pets are not allowed.
The kitchen is furnished with a refrigerator, microwave oven, gas stove, dishwasher, and washing machine. The tenant has to bear the cost of any damage or repair.
The landlord has to give a one-day notice prior to visiting the property.
The parties hereby acknowledge and understand the terms and conditions mentioned in the lease agreement.
Real estate laws are designed to provide equal protection for both tenants and landlords. Landlords are required to ensure their rental property is safe for occupants. Also, there is no standard law that governs how much rent landlords can charge.
Landlords can always charge a tenant on a daily basis if the tenant doesn’t vacate the property after the lease terms expire. Landlords have the sole right to renew the lease at their discretion. Similarly, the frequency of a property inspection is another crucial point in a rental agreement. Although landlords have the right to inspect the property they cannot do so without providing prior notice.
Landlord tenant disputes are common. Therefore, it’s best to include as much protection in the rental agreement as possible. To do this, we highly recommend consulting with a real estate agent or attorney before drafting the rental agreement. They can provide you with the necessary insight into what should be included in the document based on the laws in your state.