Free Rental Agreement Contents
Rental agreement template is possible because such a template can be found in reliable websites and sources. Also known as the lease agreement, this kind of agreement has a legal binding between 2 different parties, mostly the tenant and the landlord. The lease agreement would cover the residential agreements and the important elements that should be found in this written document.
The Most Crucial Elements
F you see the free rental agreement example, you should know that the agreement has these elements:
- The premise, which can include the basement, the attic, a condominium, an apartment, or a house
- The landlord who is the owner of the premise. This party is often referred to as the Lessor.
- The tenant who is the renter living in the premise. This party is often referred to as the Lessee
- The rent which refers to the sum of money paid by the lessee to the lessor
- The term which is the time length where the tenant has the right to stay within the premise
Why Is the Agreement Important?
Why would you need the rental agreement?
- First of all, when two parties are making a deal, especially in the formal tone, they need to have a formal written documents that would bind them legally. Based on the law, the two parties have their own rights and obligations.
- The documents are designed to help both the lessor and the lessee to understand their rights and obligations. The documents are also designed to prevent further problems that may arise if the detailed points haven’t been laid out in the detailed manner.
- The documentation can provide evidence and it can be used as a proof. The oral agreement, doesn’t have any legal binding power, and it can’t be used in the court of law. Whereas the written documentation is more accurate, it is not so with the oral one.
Some Example Details
These are some examples of free rental agreement points that can be made between the lessor and lessee.
For the landlord, they promise to:
- Respect the lessee’s privacy, including not making surprise visit.
- Maintain and repair the AC or heater
- Provide a clean and also safe home to the lessee
- Return the lessee’s deposit if they are proven to treat the premise well like their own. The condition should be good by the end of the lease
- Tell the lessees in advance about their coming or entering the premise to show something, six something, or show someone else the property
For the tenant, they promise to:
- Pay the lessor each month on time within the specific date or day
- Pay the utility, including heating, water, gas, and light
- Live in the premise with immediate family
- Not to have pets without asking the lessor first
- Not starting any illegal business
If you are the landlord, having the agreement can provide a big help and relief, especially if the property is damaged during the lease. If you are the tenant, you make sure that your rights are all covered. That’s why it is crucial to have the free rental agreement template for composing the actual document.