5 Things To Be Included in Apartment Rental Agreements
Names of all tenants
First on this self-explanatory list is to ensure that the apartment rental agreement has the names of all the tenants planning to stay in the property. This goes for those sharing an apartment as friends and couples, whether married or not. It is essential to do this because it makes each renting the property responsible for the terms inside the rental agreement.Some rent questions that landlords commonly ask include whether you can seek rent from other tenants if someone fails to pay. The answer is yes if all the tenants are named in the rental agreement. It also allows you to terminate the tenancy for every tenancy that has signed the rental agreement.
Limits on occupancy
The rental agreement must specify the number of occupancies for the flat. Every tenant meant to be living in the property must sign their name in the rental agreement unless the other individuals living there are the tenant’s children. This should be done because it allows the landlord to know who is living in their rental property. The landlord only wants the people they have agreed to live in rental property to stay there. If it is found that people are staying in the rental property that hasn’t signed the tenancy agreement, then the landlord is in their right to terminate the rental agreement. This in the interest of security for the property and safety for the tenants, because it’s less complicated to live in and maintain a space that is solely for the people who signed on to live there.Term of the tenancy
When renting out a property to tenants, there are two types of agreements: a fixed-term lease and a rental contract. A fixed-term lease is where the landlord and tenant agree on how long the tenant will stay in the flat and pay rent.These fixed-term leases commonly last around a year, whereas a rental agreement doesn’t necessarily have an end date but is renewed each month until either the landlord or tenant decides to end the rental agreement. It is up to the landlord to choose whether to have a fixed-term lease or a rental agreement for their property. The choice usually depends on how long the landlord wants to rent their property out.
Rent
This is also reasonably obvious; however, some essential things must be included as part of the conditions for rent payment. First, the rental agreement should specify the date when the rent should be paid. This is commonly the first day of every month. It should also be clear how rent should be paid and what options will be accepted. Some other conditions can be added, such as fees for late rent payments, which will be up to the landlord to decide whether or not they want to include that.
Deposits and fees
One of the most common issues raised in a rental agreement between a tenant and landlord is disagreements on the return of a full deposit. The rental agreement can be used to reduce the stress that can arise from this by clearly stating the amount of deposit to be paid and how the deposit may be used, for example, to pay for any damages caused by tenants while they were staying in the rental property.The deposit can also be used to pay non-returnable fees, such as the cleaning bill after a tenant leaves the property. The more transparent you are in the rental agreement, the less chance you will have problems as a landlord over quarrels about the return of the deposit to tenants.
The rental agreement is an important document that clarifies the contract terms for both the landlord and tenant. It is crucial that it is looked over closely to ensure there are no mistakes and that nothing has been missed. The more effort you put into ensuring the rental agreement has everything you want, the less likely you are to experience issues with tenants as a landlord.
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Posted - 07/11/2023
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