Renting a property for the first time can be challenging for both the tenant and the landlord. The ideal goal is to reach an arrangement that is beneficial for both parties. While housing preferences differ from person to person, there are a few key elements that remain the same. Below is some straight-forward advice about which terms should be
How do I write a new rental agreement?
New landlords often ask this question when deciding the best way to rent out their properties. While offering their home for rent can help the owner take advantage of their equity, it also involves risks. Writing a sound and complete document, as a new rental agreement, will ensure that everyone’s best interests are protected.
Things to include are:
– Names of individual tenants
– Occupancy details
– Cost of rent
– The time period of the rental
– Deposits and fees
– Maintenance and Repairs
– Damage claims
– Right of entry
Responsibilities of a landlord
While the tenant should occupy the rental property according to the contract, the landlord also has their own set of responsibilities. This includes providing a safe and habitable dwelling and advanced notice when visiting the property.
Additionally, tenants and landlords should supply current contact information in the event of an emergency. Accidents happen and everyone should be able to get in contact with each other to address situations as they occur. This is why the relationship between a tenant and a landlord depends so much on open communication about the property.
Tenant’s rights and protections
For the most part, the rental contract protects the rights and payments due to the landlord. Just the same, tenants have their own set of rights and protections. This includes freedom from discrimination, limits on security deposits, and basic privacy.
Eliminate the surprises of a new rental agreement
Sometimes, unexpected things happen. This is where a well-written contract can ease the confusion of all parties. Before signing a new rental agreement, make sure it also includes the following: description of “normal wear and tear”, allowable alterations to the property, failure to post rent, and activities that are considered as disruptive behavior.
Last, but not least, contracts should clarify the allowance of home-based businesses. Some landlords do not like a high volume of visitors surrounding their property so specifying beforehand resolves any surprises.
Whether you’re a first-time tenant, or a new landlord, having a solid contract will cover both parties. Make sure to take your time and include all of the key terms above.