An important element for a tenant looking to rent a property or for the seller willing to rent out the property is rental leasing contract. Without this contract, either of the parties might have issues with rules that are laid later. It is nevertheless, the best way to protect the interests of both the parties and avoid disputes in future.
Rental leasing has a lot of parameters that need to be checked before you get into it. It ensures that you are not duped of anything that is not signed up for while discussing the terms and conditions. We all like to be sure of the terms and conditions that we agree to so that it does not lead to any future issues. You should keep your rental leasing contract up to date always. Well, there are many clauses that are added in the leasing contract which should be taken care of but let us look at the five important ones that may help you be safe from any legal complications.
1.Legal Parties
The parties that enter legal contract are to be correct. This is the first step in a contract as you would not want any surprises about the parties changing in the middle of the contract term. So, ensure that you check all the details for both the parties. No one likes such unprofessionalism in a serious matter like property.
2.Property Details
Since you are leasing a property from a landlord the details of the property like the name of the property, the house or apartment number, street name, town, state, postal code and other such details. All these details will make sure that the property you are staying in or have possession of is correct and no one has the right to remove you from it at any given point of time. It is your right to know everything that should matter to you about the property. If the landlord is hesitant, you can either take action or report.
3.Valid Contract
You should ensure that the start and end date of the rental lease are mentioned clearly in date month and year format so that it does not confuse anyone and the terms are clear. If you just mention that the contract is valid for six months it can be contradicting with the dates as it can be debatable. You are not doing a social service and need to be clear of all that you enroll for. Everything needs to be transparent. Both the parties should have agreed to the terms and conditions and signed.
4.Amount
The rental lease has been finalized on an X amount and that should be mentioned in the contract for everyone’s benefit. The reason is simple; it saves you from any legal charges or implications. Whatever is written and signed upon will only be paid. In fact, the breakdown of the amount monthly in the form of a table should be listed in the contract so that you would be clear on what needs to be paid on which date. If you have decided to increase it the following years, the contract needs to be updated with the amount and other amendments.
5.Acknowledgement
An acknowledgment is very important to freeze the contract. It should be signed over the name of each party and date mentioned as well. All the tenants and landlord names should be mentioned in the contract and should also be signed by them. A copy of the acknowledgment should be kept with each of the parties for reference and for a proof of the contract.
All such things will help you to be safe from any legal implications in the future. You should also include all that has been agreed upon while finalizing the contract no matter how small it may be.
Don’t we upgrade to the latest software whenever there is an update? The same applies to rental leasing contract too? One year is a long time for people to forget things.
Reiteration is essential so that both the parties are reminded of the responsibilities towards the property.
An updated rental contract is a sign of immense professionalism and a good party. The tenant is happy, you are happy and the relationship is healthier. If you haven’t checked the agreement terms and conditions, do it now because “better late than never”.
