5 Essential Things to Include in a Rental Contract
In order to protect both the landlord and the tenant, it is essential that a rental contract includes certain key points. This will help to ensure that both parties are aware of their rights and responsibilities, and can avoid any misunderstandings or disputes down the road.
Renting out property is becoming increasingly popular, as it can be a great way to generate additional income.
If you’re thinking of renting out your property, there are a few things you should keep in mind. In this article, we’ll go over five essential points that every rental contract should include.
1. The names of the landlord and tenant
This may seem like a no-brainer, but it’s important to make sure that the contract clearly states the full names of both the landlord and tenant. This will help to avoid any confusion down the road.
2. Detail specific to this property
Include items like address, square footage, number of bedrooms and bathrooms, and any other relevant details about the property. This will help to ensure that both parties are clear about what is being rented.
3. The length of the lease agreement
It’s important to specify the length of the lease agreement in the contract. This will help to ensure that both parties are clear on the terms of the agreement.
4. A description of the rental property, including any furnishings or appliances that are included
This is another important point to include in the contract. Be sure to list any furniture or appliances that are included in the rental, as well as any that are not included. This will help to avoid any misunderstandings down the road.
This is preventative action so if any of your appliances are missing or damaged upon the tenant’s move-out, you will have something to fall back on.
5. The amount of rent to be paid, when it is due, and how it is to be paid
These are just a few of the essential things that should be included in a rental contract. By including these points, you can help to protect both yourself and your tenant.
When it comes to signing a rental contract, both the landlord and tenant should read over the agreement carefully before putting their signature on it. This will help to ensure that both parties understand the terms of the agreement. If there are any questions, be sure to ask them before signing. Once both parties have signed the contract, it should be kept in a safe place for future reference.