“The Essential Elements of the Best Rental Agreement PDF” written by Mike Marko.
Are you looking for a rental agreement PDF?
Every property manager should have a rental agreement they use with their tenants. It helps set the “ground rules” between you and the tenants.
But if you don’t already have a rental agreement you need to start somewhere, and that’s where a rental agreement PDF comes into the picture. But how do you know if the rental agreement PDF is any good?
That’s where this article comes into play. Today I want to help you understand the essential elements you need to have in your rental agreement.
Learn More About Rental Agreement PDF
The rentalÂ agreement PDF is a document that is ready to use and can be applied to your property management business immediately. When developing or using an already prepared rental agreement PDF you need to make sure that all your State and local laws are covered by the rental document.
It is very easy to find a basic rental agreement online but the question you need to answer before using it for your rental properties is, “Does the rental agreement PDF meet all of your needs to run your rental properties correctly and efficiently?”.
With that said you can easily make a rental agreement PDF on your own, even if you have no experience in writing it. There is a lot of rental agreement pdf on the internet that you can take and re-type terms to edit easily.
Prior to searching the internet for multiple rental agreement PDF’s, let’s talk about what exactly is needed when looking for the rental agreement pdf that will meet all your needs when renting properties.
Let’s get started by knowing what is a rental agreement and what you will need to make yours work for the rental properties that you are managing.
What Is A Rental Agreement
A rental agreement is a contract for short time renters and is considered a month to month rental contract. This agreement normally governs or runs a rental property for up to 30 days, then becomes a month to month agreement that can be changed or re-negotiated by the property manager at the end of the period.
The rental agreement is a month to month agreement and it is often offered to tenants who are just looking for a place to stay for a short period of time. This agreement is commonly offered to workers and students. Commonly a rental for a short period of time is offered to offset costs or save money for upcoming renovations or work on the property.
In most cases, the rental agreement covers all of the important information about the tenancy. It contains the basic information of the tenants and the rented property as well as detailed information about the tenancy like the property manager’s preferred payment options, terms and policies of renting the property, and the usage of the security deposit to name a few.
When developing a rental agreement it is best to know and understand the benefits of having an excellent rental agreement ready to use for all of your properties.
Advantages Of Having A Written Rental Agreement
Having an excellent written rental agreement brings a lot of advantages for the property managers and their tenants. The rental agreement is a legal contract. Once the rental agreement is signed by both parties, it becomes legally binding on all parties to the contract. The rental agreement can be used as a proof that both property manager and tenant have agreed to the terms and policies of renting the property.
Using an oral agreement is not recommended.If there are disputes it turns into a debate as to who said what and what exactly was agreed to when renting the property.
So as we move along, we would like to show the advantages of having a written rental agreement opposed to an oral rental agreement:
- The rental agreement is a legally binding contract that can cover and decide any disputes or misunderstandings.
- The rental agreement protects both the property manager and the tenants during the lease term. This agreement will regulate the tenant’s use of the property and help to determine responsibility for any kind of damage to the property. It can also limit or restrict alterations done on the rented property by the tenants during the rental period.
- The rental agreement helps tenants to understand what to expect from the landlord or property manager. Anything that the property manager and the tenant have agreed to will be included in their rental agreement.
- The agreement will also help answer the questions that may have been mentioned during the rental process.
Contents Of A Rental Agreement
The rental agreement covers the details about the terms, policies, and responsibilities of renting the property. Make sure that there are no errors on the contents of your rental agreement.
Here are the essential elements of the best rental agreement PDF:
The full names and contact addresses of the landlord and tenant
The first part of the rental agreement contains the full names of all the tenants who will live in the rental unit. Their contact information and current addresses should also be included. I also like to have the social security number to help with possible collections down the road.
The contact information could include at least the tenant’s email address. But preferably, their mobile telephone number should be provided.
The name of the landlord or the property manager is also included in this part. Along with contact details and address..
The address of the property that’s being rented
The exact address of the rental unit being rented must be present in the first part of the rental agreement.
Aside from the address, a description of the rental property must be provided in the agreement along with the name of the property manager (and often the owner).
The date the tenancy agreement is signed
The exact date when the tenancy agreement is signed by all the parties involved should also be included.
The type, start and end date of the tenancy
Like we mentioned earlier, the rental agreement should provide pertinent information about the tenancy.
Here are the common items that are included in this part of a rental agreement
- The start and end date of the tenancy
- The type of tenancy
- If it’s a fixed term tenancy, then end date of the tenancy should be mentioned
Rent and other fees
Avoid confusion regarding the payment of rent. Make sure to include your preferred forms of payment on your rental agreement. You should also include the amount of rent as well as the frequency of payment.
Remember to mention the place or bank account number where the rent should be paid. If there are any additional fees required, see to it that it’s included.
Where To Get A Rental Agreement PDF?
If you are uncertain of what else you need to include, or if you are just new to the business, there are a lot of rental agreement pdf on the internet that you can use for reference..
Before you make or download a rental agreement pdf, be sure to study the rental laws in your area first.
Hundreds of rental agreement templates are free from the internet. After you are done editing the file the you have downloaded, consult a rental lawyer and let them review your rental agreement.
Once the rental agreement is signed by the tenant, it will be a legal document. Any mistakes or violation of rental laws in the rental agreement would definitely have a negative effect on your business, and even on you. Since it was a legal document, the process of editing the mistakes or violation will certainly be lengthy and it would cost you time (and even money).
Final Thoughts About The Rental Agreement PDF
A written rental agreement contains all of the valuable information about the tenancy. In this blog post we talked about what essential information you need to make sure your rental agreement PDF contains. You can then edit that agreement to be customized to you.
But don’t just download and edit any rental agreement that you found on the internet. Be sure to consult a lawyer and let them thoroughly review your rental agreement PDF.
Be sure to comment below and let us know if you have any questions.
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