If you are renting property for the first time, you may need a residential rental agreement but be uncertain as to what needs to go into it, or how to go about finding the right contract for your needs. There is no one single rental contract; these contracts are about as unique as the properties they are connected to. It is easy to fall into the trap of just using any contract, since they have many common elements but this can be a big mistake that you will pay for dearly later.
It is crucial that you spend some time reading the contract that you are going to use, or even better read several of them before you choose one. It is also crucial that you check with your state laws, there are many states that require some things to be listed in this contract and you do not take the time to do that you could not only be violating the laws of your state, you could be putting yourself in a bad position should there be any disputes later.
All rental agreements start with the same basic information, this information will include the contact information for both parties, as well as all the pertinent information about the actual rental including its location, how much it is being rented for and when rent is due. Any applicable deposits will also be listed here, as well as the length of the term of lease, usually one year.
Each rental contract is drawn up differently but there will be two other sections beside the general information section. One section will deal with the terms and conditions of the rental and the other with the rights and responsibilities of both the tenant and the landlord. The terms and conditions is the place where you will put any of your own stipulations about the rental. This can range from anything such as whether pets are allowed to whether the tenant has access to all the property or even things such as painting or repairing the home.
In the section about rights and responsibilities this is where things such as your right of access and the notice you must give are listed. This is also where you will find sections on terminating the lease and about any damage that is done to the property. There is also a section that covers your tenants’ rights as well.
Your residential rental agreement is a legally binding contract that is designed to spell out the details of the contract as well as provide protections for both tenant and landlord, it is essential that you make sure that the contract is drawn up correctly to ensure that it is admissible in a court of law and will not bring grief back on you another day.