There has been an increase in unemployment and housing crisis recently making many of the people who owned homes to turn to the renting of property. More and more people are getting into renting of homes including those that are getting employed.
The rental agreement is one of the most important documents when it comes to issuing or acquiring property on rental terms. A lease agreement contains a number of well outlined terms and conditions that are supposed to be followed by a tenant and also shows the repercussions of acting against the terms and conditions. With a rental agreement, a mutual understanding can be reached between both the renter and the owner of the property. In order for you to have a good and effective lease contract, it is necessary that you enlist the regulations explained below.
The first requirement of a good rental agreement is that it should contain the parties to the lease and hence it should name the owners of the property as well as the tenants under the agreement. The other thing that should be carefully outlined in the lease agreement is the description of the property. In order for the rental contract to be enforced, the building under the agreement should be well defined with an indication of details such as the address and the number of apartments in the building. Highly important also, the lease agreement should contain the terms and conditions of renting the property. Very importantly on the terms of renting the property should be the monthly charge of leasing the property as well as the date that the payment is supposed to be done. On the terms of rent on the lease agreement, the owner of the property also needs to indicate where the money should be sent to, how it should be paid as well as the consequences of late payment.
Similarly, the lease agreement should also have the date of the lease as well as the date if the termination of the lease. The terms of ending the lease should also be well indicated in the lease agreement. When it comes to drafting a lease agreement you should not forget to indicate the details of the security deposit such as text amount to be paid as security deposit, the manner through which it should be paid and how it can be released to the tenant in the future. It is necessary that you also include the list of names of the individuals that are in the property and what should be done in case one stays longer than the indicated period. Another important thing that you should describe in the lease agreement is whether the tenants are allowed to keep pets within the property. If you allow the keeping of pets within the property, then it should be indicated very clearly the number of pets one should keep, the size and pet species as well as any required additional deposit for the pets.