A rental lease agreement is between the tenant or landlord. It defines the terms by which they are able to lease out their property to be used by another person. This is the most commonly used type. It details how long you will stay, how much you must pay and the amount of notice you have to give. To avoid losing your possessions in the event of an eviction, damage by another or the property being occupied by a new owner you must always obtain a written rental lease agreement from your landlord before making the move.
A rental lease agreement is designed to ensure the security of both parties. It governs what the parties is allowed and is not allowed to do with the home they rent and also how much each party is expected to contribute to the upkeep of their property.
If you sign an agreement to rent, you must read it carefully to make sure there aren’t any hidden charges or unclear terms. Get clarification from your landlord when you’re not sure about something before you sign.
There are three types of clauses in a rental agreement:
1) Rent and payment terms
2.) Term, termination and renewal
3) Damage deposit
Rent and Payment Terms The rent and payment terms include the amount you are required to pay, when it’s due and whether you agree to pay any deposits.
The actual term of the rental Lease length: How long the lease will last, renewal conditions, and whether there are any alternatives or options for an early termination on the part of either party.
Changes in ownership: This section describes the procedure for your lease in the event that your landlord is planning to sell their house or the building.
Damage deposit: The amount of money you’ll be required to pay in advance in the event of damage on the property while you’re there; any deductions that are made from this deposit should be noted in the contract.
Utilities: Whether utilities are included in rent or if they are an extra cost.
Maintenance: Are you accountable for the maintenance of your yard and cleaning out the pool? Does your landlord expect to fix any issues or delegate everything to them?
Along with a written rental lease, you should always record a copy it with the town office. This can prove that there an agreement for renting in place, in case you ever have the courtroom to demonstrate that it was in place.
Make note of the period for which this document needs to be recorded. Each town has its own rules about how long information such as such as this will be kept on file. Make sure to note that if there were significant modifications to your rental lease, then you’ll have to file a brand new one with the town.
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Keep a copy of the rental contract in a safe location. Also, make a list of all the important elements of your rental agreement and make sure you keep it up-to-date during the duration of your stay. This is to ensure you have proof to support your claim should anything happen. It’s a good idea if you have the ability to take photographs of the property and any damage.
Since this document is a safeguard for both parties, it is important to be aware that your landlord might not always be willing to negotiate. If you discover that the situation is getting heated and your landlord has agreed to revise some terms (such as increasing rent prices or changing damages deposit amounts) Write these changes down in your revised list. Making note of the changes will assist you in recollecting these changes when you renew your lease or lease an additional house. It may also give you the power to negotiate.