A rental agreement is the first step of giving your house for lease to a different person or family. So, it is a document of the official contract between the owner and the tenant for the specified period of time. As the owner of the property or the house, you should be taking care of the rental agreement in terms of some of the contents.
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There are some important elements to be included in the rental agreement. Take any rental agreement template; you would see these elements in them.
Name’s of the property owner and the tenant. If any agents are involved, their names are also to be included.
A good description of the property. For example, if it is a house, then the number of rooms, the number of bedrooms, kitchen, drawing room, number of bathrooms, whether the bathrooms are attached or not, whether parking space is available or not, etc.
Amount of rent. This is one of the most important parts of the rental agreement. The rent amount, the due dates for the payment, the late charges if any, the grace period, all should be mentioned here.
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The mode of payment of the rent.
Amount of the security deposit to be paid to the owner by the tenant.
The utilities that are furnished by the landlord in the property. If there are separate charges for those utilities, it should also be mentioned.
The facilities in the premises that the tenant can use while living in the property during the period. For ex. swimming pool, gym, etc. The payments to be made for the same should also be mentioned in the agreement.
Rules and regulations that are supposed to be followed by the tenant while staying in the landlord’s property. The rules such as pet rules, noise rules, etc. and the penalty to be paid in case of violation should be specified.
The procedure on how repair requests are to be made should be mentioned in the document.
A rental agreement document is an official document and hence will act as a proof in case of any discrepancies in the future. So, the necessary elements needed by both the parties should be mentioned in the document. The rental agreement should be read and understood by both the owner and the tenant before signing the agreement.
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You can get sample rental agreement templates online to get an idea of the necessary elements to be included. It will also give a clear idea of how to frame the document.