An example of a basic rental agreement is a short legal form that defines the rights and responsibilities of both the owner of a property and someone renting the use of that property. Rental agreements are not standardized and can differ widely by state and property type.Continue Reading
Some common provisions contained in a basic rental agreement include the names and addresses of the landlord and tenants, along with the location of the property. Also included in the basic agreement is the length of the rental period and the payment requirements. These payment requirements are often further detailed with security payment amounts, late fees and extraneous costs, such as utilities.
Restrictions on the properties' use by the tenants are also listed on basic rental agreements. Common restrictions applied include limits on occupancy number, overnight visitors, use of the property as residential, industrial or commercial space and sublet terms.
The basic rental agreement also may include conflict resolution procedures to determine how the landlord and tenant can resolve term disagreements, or terminate the lease. Some basic agreements even detail which parties must pay for the resolution process, whether it's legal fees for attorneys or payment for an arbitrator. Ready-made agreements are generally available on real estate and legal websites emphasising rental law for a specific state.Learn more about Real Estate