1 RENTING AND RENTAL AGREEMENT. GENERAL INFORMATION
2 TEN TERMS TO INCLUDE IN YOUR LEASE OR RENTAL AGREEMENT
3 RENTAL AGREEMENT WRITING TIPS
4 RIGHTS AND OBLIGATIONS OF TENANT AND LANDLORD
LITERATURE
GLOSSARY
1 RENTING AND RENTAL AGREEMENT. GENERAL INFORMATION
Renting, also known as hiring or letting, is an agreement where a payment is made for the temporary use of a good, service or property owned by another. A gross lease is when the tenant pays a flat rental amount and the landlord pays for all property charges regularly incurred by the ownership.
Reasons for renting.
There are many possible reasons for renting instead of buying, for example:
• In many jurisdictions (including India, Spain, Australia, United Kingdom and the United States) rent used in a trade or business is tax deductible, whereas rent on a dwelling is not tax deductible in most jurisdictions.
• Financial inadequacy, such as renting a house when one is unable to buy it. One may not wish to pay the full price that ownership would need, allowing for smaller payments over a specified period of time.
• Reducing financial risk due to depreciation and transaction costs, especially for real estate which might be needed only for a short amount of time.
• When something is needed only temporarily, as in the case of a special tool, a truck or a skip.
• When something is needed that may or may not be already owned but is not in proximity for use, such as renting an automobile or bicycle when away on a trip.
• Needing a cheaper alternative to buying, such as renting a movie: a person is unwilling to pay the full price for a movie, so they rent it for a lesser price, but give up the chance to view it again later.
• The tenant may want to leave the burden of upkeep of the property (mowing the lawn, shovelling snow, etc.) to the owner or his agents.
• There is no need to worry about lifespan and maintenance.
2 TEN TERMS TO INCLUDE IN YOUR LEASE OR RENTAL AGREEMENT
A lease or rental agreement sets out the rules landlords and tenants agree to follow in their rental relationship. It is a legal contract, as well as an immensely practical document full of crucial business details, such as how long the tenant can occupy the property and the amount of rent due each month. Whether the lease or rental agreement is as short as one page or longer than five, typed or handwritten, it needs to cover the basic terms of the tenancy.
Here are some of the most important items to cover in your lease or rental agreement.
1. Names of all tenants. Every adult who lives in the rental unit, including both members of a married or unmarried couple, should be named as tenants and sign the lease or rental agreement. This makes each tenant legally responsible for all terms, including the full amount of the rent and the proper use of the property. This means that you can legally seek the entire rent fr om any one of the tenants should the others skip out or be unable to pay; and if one tenant violates an important term of the tenancy, you can terminate the tenancy for all tenants on that lease or rental agreement.
2. Limits on occupancy. Your agreement should clearly specify that the rental unit is the residence of only the tenants who have signed the lease and their minor children. This guarantees your right to determine who lives in your property -- ideally, people whom you have screened and approved -- and to lim it the number of occupants. The value of this clause is that it gives you grounds to evict a tenant who moves in a friend or relative, or sublets the unit, without your permission.
3. Term of the tenancy. Every rental document should state whether it is a rental agreement or a fixed-term lease. Rental agreements usually run from month-to-month and self-renew unless terminated by the landlord or tenant. Leases, on the other hand, typically last a year. Your choice will depend on how long you want the tenant to stay and how much flexibility you want in your arrangement.
3 RENTAL AGREEMENT WRITING TIPS
In many instances, people complain of rental scam. What’s sad about most of these cases is the fact that they are unable to prosecute the landlords since they did not have a binding contract. Even if they were to go to court, it would be their word against the landlord’s. To protect yourself against such situations, you need a rent agreement. A rent agreement is a form or document that states all the terms of agreement you make with your land lord. You know the amount of money to be paid per month, what happens if something breaks in the house or in case of a robbery. All the details of your agreement.
Drafting your own rent agreement may be hard. This is because; you do not have the experience and knowledge of the relevant law. Hiring a professional to do it for you is also very expensive. Because of these two reasons, most people don’t bother having a rent agreement. You do not want to draft something that will land you in trouble instead of help you. Well, I’ve got good news for all who desire to have rental agreements: no need to draft your own, all you need is to have a rental agreement template then customize it.
This website provides you with templates that you can use as your rent agreement. As our loan agreement templates, the rental agreement templates have been drafted by highly qualified professionals who have plenty of experience in such matters. The templates are very comprehensive and cover every area leaving no loop holes. Apart from protecting you from rental scam, these rental agreement templates are meant to help you defend yourself against any issues that may come up. For instance, if your landlord wants to evict you, the rent agreement has some steps the landlord should follow and the time he or she should give you before kicking you out.
These rental agreement templates are not just meant for the tenants. They come in handy for the landlords as well. If you have a rent agreement, it gives you an easy time when it comes to dealing with your tenants. This is because, the rent agreement template will give them all the information they need and what is
4 RIGHTS AND OBLIGATIONS OF TENANT AND LANDLORD
What are my rights as a tenant?
You are a tenant if you occupy or possess the residential property of another under a lease.
If you do what the lease and/or the law requires, you have the right of exclusive possession of the property until the lease expires.
• You have the right to complain to a governmental agency if your landlord violates housing laws or regulations affecting health and safety.
• You have the right to complain to your landlord for failing to perform any legal duties. If you complain and the landlord retaliates by increasing rent, decreasing services or seeking to evict you for complaining, the landlord has violated the law. There are legal remedies to stop or punish retaliation, such as terminating your lease and recovering damages and attorneys’ fees.
• You have the right to join with other tenants to bargain with your landlord about lease terms.
• You have the right to know the name and address of the owner of your residential premises and the owner’s agent, if applicable. This information must appear in your written lease or be given to you in writing when you begin your tenancy if the lease is oral. If your landlord fails to provide this information, you do not have to notify your landlord before escrowing your rent with the court. The county auditor also maintains records on residential property owners.
• You have a right of privacy, which the landlord must respect. The landlord may enter your apartment after reasonable notice (at least 24 hours) for certain legitimate reasons and without notice in certain emergency situations.
• If you breach your lease, the landlord may not seize your furnishings or possessions to recover rent payments.
• If you have notified your landlord, in writing, of problems at your rental property or of an insect or rodent infestation, the landlord should remedy the
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