Complete Guide To Create A Free Rental Lease Agreement
Whether you’re a tenant or landlord, it’s really important to understand the terms of a rental agreement. This makes contact transparent to the parties involved. Do you want to rent a house or looking for a tenant? The first thing is to create an agreement.
Well, if you’re not aware of how it works, then continue reading to know how to create a free rental agreement.
Firstly Know What is a Rental Agreement?
An agreement is a piece of written paper that states the terms and conditions of parties to make it a final contract. Once read & signed, the agreement turns into a contract. This is a very thin line difference between a contract & agreement. The breach of contract by any party can lead to legal action. The information in the rental should be authentic & complete to ensure a smooth relationship between the tenant and landlord. A residential lease agreement is the other term of the rental agreement.
If you are a homeowner or realtor (working on behalf of the landlord/ landlady), decide to rent out the property, you can conveniently go for a free printable basic rental agreement. Also ensure your agreement contains detailed information to avoid misunderstandings & disputes.
Few Essential Considerations To Be Included In The Contract
Every agreement varies depending on the individual requirements. However, be certain to cover some important pointers to make it an adequate basic agreement.
- Period of lease, for instance, 6 months, year, etc.
- Terms & Conditions to renew the Contract
- Rent payment time & mode
- Tenant contact information
- Owner full information including name, address, occupation
- Utilities’ payment information
- Information of amenities & facilities
- Additional information related to pets & guests
- Conditions to terminate the contract
- Highlight conditions in case of damage to the property
These are some basic agreement pointers that make the tenant & owner responsible. Therefore, you can add extra information that matches your current situation.
Information You Will Required To Create Rental Agreement
➤Basic Information Of The Owner Property
The basic information such as the owner’s name, his/her contact details, a well-informed description of the property including rooms, age of the property, etc.
➤Information About The Property Maintenance
A section of information in the free printable rental agreement should mention about the maintenance of the property. Will a third party handle the property maintenance? Or will the owner itself take care of the charges & repairs?
➤Security Deposit Information
This is one of the important pieces of information which you should not miss. The security deposit amount (monthly/quarterly/annual), penalty if not paid on time, any refund, the amount of refund, and mode of payment should be mentioned.
➤ Information of the Tenant
The name & contact details of the tenant with an id proof make the rental agreement useful. Even mention the special guidelines of the visitors.
To make an agreement, flexible renewal conditions can be applied. However, renewal information should be complete and acceptable to the parties.
Step-By-Step Guide To Write A Rental Agreement
- A short & good title, for example – Residential Lease Agreement for XYZ Property
- A section of personal details of the owner
- Property details including address & brief description
- Term of agreement mentioning start & end date
- A section of financial agreement throwing attention to rent payment, rent payment mode, security deposit, utilities payment, etc.
- About general obligations & responsibilities such as maintaining the garden, visitors’ time, etc.
- About the violation of agreement highlighting the penalty.
- The last part should be for signature including name & date.
Hope you have a better understanding of creating a rental agreement by yourself!