Why rent lease agreement?
Rent lease agreement is a contract between the landlord and the tenant. This agreement is a legal document that can be produced in the court by both the parties in case of any dispute. This agreement outlines all the duties and rights of both the tenant and the owner including the agreement on the rent, its payment and other such issues of renting a property.
Contents of rent lease agreement
The rent lease agreement should be as detailed as possible. This means that all the issues related to the renting of a property must be addressed in this document such as:
Name: the name of both the parties is mandatory to be mentioned on the rent lease agreement. The land lord and the tenant are required to give their name address and contact details.
About the lease: the duration of lease, the renew policy and any other details related to the lease is explained in the lease agreement.
About the rent: the rent amount, the payment schedule and the consequences of the late payment or nonpayment of the rent
The security amount, the payment for the damages caused by the tenant to the property
The responsibilities of each party should be delineated defining the duties and obligations of both the parties
The policy regarding the pets and visits by the relatives and friends, leaving the property early by the tenant or early evacuation by the landlord should be clearly defined in rent lease agreement so that later on there is no problem regarding these issues.