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Download rental agreement template in Microsoft Word format.
Choosing the Perfect Rental Agreement Template
Have you been searching the Internet for the perfect rental agreement template you can use to legalize your rental transactions? Do you even know all the items that need to be included? Due to the shape of the economy these days, there are more and more people that are becoming first-time landlords, either by renting out a room in their homes or renting their entire home and property out to qualified tenants. This lack of experience, however, can be a problem, especially if the new landlord in question is completely unfamiliar with rental contracts. This is why it’s so important to use a rental agreement template to make sure you cover all the bases. In this article we will briefly go over the rental agreement and show you what type of information should typically be included in a template.
About the Rental Agreement
So what exactly is a rental agreement? While not many people think of a rental agreement as a legal document, the fact is that’s exactly what these agreements are when they are constructed and completed correctly by both parties involved, and they are enforceable under the law. In short, a rental agreement is a legal contract between two parties—the owner of the property and the renter—which stipulates, very specifically, the terms of the rental agreement. For the renter, these terms can range from the amount of the monthly rent, the exact term of the lease and the rules and regulations for the property. And for the landlord, these agreements spell out what he or she will be responsible for in terms of maintenance and repair, lawn care, etc. Should one or the other parties in the contract deviate from the terms of the agreement, the effected party has a right to ask for legal remedy.
What to Look for in a Rental Agreement Template?
Unfortunately, there is no “catch-all” rental agreement template, but usually these templates afford you the opportunity to customize the document to suit your purposes. Some of the things you should look for when searching the various websites for templates are:
• Party Information. Each party to the agreement, both landlord and tenant, should appear at the top of your rental agreement. This includes the address and telephone number of each party, email addresses and website information. Some documents can even be customized to include social security numbers, driver’s license information and vehicle license plate number of the tenant.
• Financial information. The financial information includes the amount of monthly rent, any down payments or balloon payments, and the day on which the rent will become due each month.
• How Long is the Lease. While a rental agreement does not necessarily have to stipulate an exact time period for a lease, this feature does help protect the landlord financially should the tenant decide to leave the premises unexpectedly.
• Terms and Conditions of the Agreement. This section, which we referred to briefly above, should include all the rights and responsibilities of both parties. These terms must be agreed to and signed off on before any lease becomes effective.
Of course, if you wish, you could try your hand at composing your own rental agreement, but with so many quality templates available there’s really no need for this step. Just make sure the template you choose contains the information listed above, and from there you can personalize the document to fit your unique situation.