Having a verbal agreement is certainly not enough anymore, at least when it comes to the tenant-landlord relationship. It is best to have all agreements written down as a legal document, this way both parties are protected by the original terms if a dispute occurs.
Usually though, it is generally written up with the intention of stopping any disagreements from occurring in the first place, as all who sign should be aware of all that it entails. This kind of written agreement is essential in making sure that relations between the property owner and the tenant will be good.
The basic stipulations usually stated on the written agreement are the rental fee, rent due date, payment method, late charges and fee for returned checks (if applicable). In addition, other items include amount of deposit and its terms, responsibility of utilities, property and premises maintenance, the duration of the rental period, rent increases, conditions for termination of the agreement, and policy on dispute resolution.
In addition, there may be certain rules outlines for parking, pets, smoke, and other lifestyle choices. This can also include landscaping maintenance, such as cutting the grass or shoveling the snow.
The written agreement should also have the contact information of both tenant and property owner. This is surprisingly forgotten occasionally and people have issues reaching one of the parties.
A more comprehensive agreement will also state how disputes are to be resolved. Covered here are what to do in the instance of failure to pay rent on the part of the tenant and the proper eviction procedures to be followed by the property owner.
If you would like to look over a common written agreement, or need help creating yours, consider doing a quick search on the internet. There are usually free forms you can use, but make sure you alter the information to fit your situation.
You will find every state has a different set of rules and obligations. Remember, if in doubt, get legal advice.
This author has been publishing commentary pertaining to real estate law for the past three years. Furthermore, this author takes pleasure in publishing articles regarding New York City real estate, such as Tribeca rentals and West Village apartments.
categories: Real Estate,Law,Legal,Home,Negotiation,Communication,Leasing,Renting,Family,Investment,Finance,Personal Finance,Business,Advice
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