A rental agreement or a lease document is quite difficult to write. Here is a rental agreement template which will help you draft one for yourself.
The concept of lease and rent is predominantly used in the context of real estate agreements. However, lease and rental agreements are also required, in cases, where a person wants to rent out some asset, such as a car or a piece of machinery.
Rental or Lease Agreement Format
An agreement is basically a contract that is enforceable in accordance with the law of land and general contract related enactments. The lease agreement, thus, holds importance in the entire transaction. The following are some of the features of this agreement.
- Consideration: The money that is payable to the landlord for the use of property is known as legal and lawful consideration. The agreement must basically contain the consideration, and its mode of payment.
- Names and details of signatories: The agreement has two signatories, the landlord and tenant. The document must explicitly signify the identities of the two.
- Time duration: The time duration for which the real estate is being rented should also be explicitly specified in the agreement.
- Moving in and moving out: The date of commencement of the contract and the day on which the tenant can move in, should also be specified in the contract.
- Notice period: If the tenant is unable to make rent payments then the landlord can lawfully ask the tenant to evacuate the real estate. The agreement should empower the landlord to do so.
Rental Agreement Template
An agreement is certainly difficult to write due to the fact that it should not only be comprehensive, but it is should also be transparent. Apart from using the following template, you can also use a format or template that is provided by your local governing body.
Agreement of Property Lease and Rent
The agreement that follows is framed as a legally enforceable contract that arises from the consideration that is being transferred by both parties.
In accordance with common faith vested by landlord’s name andtenant’s name, in each other and common contract law and the law of the land, this document shall, henceforth, be referred to as the ‘agreement’ which shall be legally enforceable within the court of law.
The apartment located at apartment’s address registered by local governing body’s name as code/registration number, etc. shall become the object of a lease contract of 12 months commencing from __________ and terminating on __________ .
Tenant’s name, shall be liable to pay all electricity and housing bills from ________ to _________ . Landlord’s name shall be liable to pay the property tax and all expenses incurred as a result of ownership, but, shall not be liable to bear expenses due to infliction of damage that has been caused by tenant’s name, or during the time period from ________ to ________ .
Landlord’s name, by the rights bestowed on him by the Constitution and common contract law, can ask tenant’s name to evacuate the said apartment with a notice period of not less than 30 days, if and only iftenant’s name defaults in payment of rent for 2 months or more, or causes damage to the property that exceeds the deposit.
Landlord’s name, by the rights bestowed on him by the Constitution and common contract law, can ask tenant’s name for a deposit that is not more than $10,000 as a precautionary fund for damage done to the property. Landlord’s name, cannot deduct any value from the sum unless and until tenant’s name causes repairable damage to the property. Aging repairs of the property cannot be deducted from the deposit. The local assessor of property, within whose jurisdiction the property is located shall stand judge in a situation of disagreement. Either party can lawfully file a suit in the court of law for appellate decisions.
Landlord’s Signature: _______
Tenant’s Signature: ________
You may use this template as it is (after adding the tenant and landlord’s names as mentioned in the format given) or modify the template as per your needs.