In most states, rental relationships are formed with the help of a rental lease agreement. It may or may not be in a written form, but has to be there. Irrespective of what the individual state requirements are for the validity of a lease agreement, property managers should have a written rental lease agreement that is dated and signed by renters as well as property managers to ensure that all the responsibilities are arranged and protection is given under the law. Know about the top things to keep in mind while creating rental lease agreement forms.
Should mention the accountability aspects
This type of agreement must have all the information about who would be accountable for maintaining a home or property. It needs to state whether the property owner or the tenant would be accountable for shoveling the snow, mowing the lawn, checking smoke alarms etc, as well as whether the tenant needs to get renters insurance.
Lead-based paint brochure
When it comes to renting a property that has been developed before 1978, the EPA of the government needs a landlord to offer a Lead-based Paint Brochure copy to tenants, and mention the possible risk this type of paint. There should also be a disclosure about whether the property being given out on rent might have lead-based paint in it. The landlord, as well as the tenant, should sign the document. You can get samples of residential lease agreement PDF with such type of brochure included along with it.
Payment information
The document should also mention the method of paying the rents, fees for late payment and other important facts and information that would offer a higher level of security to tenants as well as landlords. The more information covered in this type of lease, the more the protection that it can offer.
Rent
It is the amount that has to be paid periodically by the tenant for leasing or renting the property. Generally, payments are made on the first of every month. In case the date of starting is on someday that is other than the first day of each month, rent would be prorated for the initial month. The lease or rental agreement document will also mention whether the payment would be done by cashier’s check, check or some other mode. The address of the payments will also be mentioned.
Security deposit
Landlords have to be paid a security deposit by tenants on the day when the rental contract is signed. Landlords are not required to keep the security deposit in some trust account fund or pay any rate of interest over the same unless the law demands the same.
Returned check charges and late fees
Late fees are usually applied at the start of the 5th day every month in case payment is not made on time, or as per the maximum amount of money that the law allows. In case there is any rent payment returned for not enough funds being there, or there is a ‘stop payment’ issued by the tenant or some other reason, a returned check charge will be incurred. Forms.legal - A Legal documents website also helps to get a residential or commercial lease agreement for free.
Alis Cane was born and raised in New York. He was a bookseller before shifting to children’s publishing where he worked at a literary development company, a creative writing website for teens, and as a book reviewer of children’s and young adult novels.
He lives in New York City and is tall for no reason. IN THE HOPE OF SUCCESS is his debut novel.