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What you need to know about a Rental Agreement?
By Ken Fong
A rental agreement is a legally binding contract between the landlord and the tenant that outlines the terms and conditions of the rental.
This contract document is made up of many components. They are:-
1. The rental agreement should be very specific on the subject of abandonment. It must clearly define the landlord's options if the tenant leaves the property without notice?
2. It should outline the alterations that a tenant can make to the property. The rental agreement should clearly state the kind and extend of the alteration that is allowed or not.
3. The rental agreement should touch on the subleasing. As subleasing is very popular today, the rental agreement should state your stand very clearly on this subject to avoid future misunderstanding.
4. The rental agreement should also state very clearly what will happen in the case of defaulting on a payment. The late fees should also be outlined in the rental agreement. The tenant should know up front how much they will be penalized.
5. As a landlord you should have access to your property for inspection. The rental agreement should detail when and how you will be able to enter the property in order to inspect it, etc. State laws vary on this subject and your rental agreement should conform to the law of the state.
6. The rental agreement should state who is responsible for the maintenance of the property. If it is a joint responsibility, it should clearly state who is responsible for what.
7. Payment methods should be outlined on the rental agreement so that the tenant knows how they can pay the landlord.
8. Like maintenance, utilities are a huge part of any rental agreement. It should be clear on who will pay what bill, as well as which utilities are included in the monthly rent.
All of the above are important components to any rental agreement. In addition since state laws differ, a rental agreement can have additional clauses depending on where you are located.
The first place, and usually the best place, that you may want to search for a rental agreement is on the Internet. There are several websites that will supply you with the rental agreement form that you are looking for. One of the more reputable services is located at www.rentalagreements.net.
You have to pay a small price to purchase the rental agreement that is appropriate for your state but it is much better than drafting your own rental agreement and taking the chance of missing out on something that is crucial.
The other way to get hold of a rental agreement is to get in touch with a real estate agency. If you are lucky, they may even be able to supply you with a sample rental agreement that you can customize and use as your own.
A rental agreement is something that you must have if you are going to be renting out any property. State laws differ and your rental agreement needs to meet the laws and requirements of your state in addition to also outlining every aspect of the lease in detail.
About the Author
Ken Fong
http://www.therealestatescoop.com
Terra Bites of Real Estate Information
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