There are a few components that any rental agreement must take into account in order to legalize it. Obviously, this will be subject to change from one state to the next so you will need to ensure that you have good knowledge of what the requirements in your particular area are. However overall, there are some components that every rental agreement must have.
Before any rental agreement is signed, you must make sure that it has these outlined factors. Also, if you are a landlord, you must make sure that the rental agreement you are using contains all of these details too.
1. A rental agreement should mention the subject of abandonment. In other words, what should the landlord do if the tenant leaves the property without prior notice?
2. Rules that describe the alterations that a tenant is allowed to make should also be mentioned. This should be described in the rental agreement in order to make sure that the tenant doesn’t make any restricted renovations.
3. A rental agreement should touch upon the subject of subleasing. This is very much well-liked in today’s day and age, and you will want to make sure that the rental agreement touches upon this issue; especially if you are a tenant and might be taking part in this practice.
4. Make sure that the rental agreement mentions what will happen in the case of a default payment.
5. Inspection and landlord access are crucial when it comes to a rental agreement. This will detail when and how landlords will be able to enter the property in order to carry out an inspection. This is one of the details that will however tend to vary a lot from one state to the next. Make sure you have good knowledge of your state’s laws.
6. A big issue with rental agreements is maintenance. You will need to know how this is taken care of, and who is responsible for what.
7. Going along with default payments, all the late fees should also be mentioned in the rental agreement. This will let the tenant know straight away how they will be penalized for a late payment.
8. Methods of payment should be mentioned on the rental agreement so that the tenant knows how they can pay the landlord.
9. Finally, utilities are a big part of any rental agreement. It will need to clarify who will pay what bill, as well as which utilities are mentioned in the monthly rent.
All of these are significant to any rental agreement. Despite the fact that these are a few of the more important aspects, they are not the only ones that you should think about.
Wendy Pritchard is a contributing editor at RealEstatePropertyArticles.com. This article may be reproduced provided that its complete content, links and author byline are kept intact and unchanged. No additional links permitted. Hyperlinks and/or URLs must remain both human clickable and search engine spiderable.