Simple Rental Agreement Template Word
Simple Rental Agreement Template Word – A simple (1 page) tenancy agreement is a legally binding form used to lease residential property. The form binds the landlord and one or more tenants for the entire duration of the lease. Unlike a standard residential lease, the form contains many of the clauses found in a minimum standard lease to make it an effective lease.
Overall, both types of lease are used for the same thing: renting an apartment, house, room, condominium, or other property for living to a tenant. Where they differ is the level of detail of each agreement. It covers every aspect of a standard residential tenancy agreement; Pets, notices, landlord representative and many other optional sections can be found on the form. While they are probably important to a reliable agreement, they are not essential to a binding tenancy agreement.
Simple Rental Agreement Template Word
On the other hand, a simple lease is a one (1) page form that contains only what is necessary to bind the parties to a legal agreement. When two parties have mutual trust and are looking for a quick settlement without all the clauses, a simple lease can be used.
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As this agreement is a stripped-down version of a standard residential tenancy agreement, it does not include all the clauses that would normally be included. These provisions can help add structure to the agreement to ensure both parties understand their rights and what they can and cannot do. One of the possible consequences of a very broad and simplistic agreement is that the tenant can “walk out” and then claim that they did not notice that their actions were in breach of the terms of the lease.
To offset the risk of an unruly tenant, landlords can use rental apps, paid background checks, references and more. Along with the rental application, the landlord receives an overview of how applicants have behaved during previous rental experiences. If there are warning signs, the landlord must decide whether or not to allow the tenant to rent.
The first sentence is used to determine who will be bound by the agreement. This includes the date of the contract, the name and address of the landlord/property manager and the names of the tenants.
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Enter the full address of the rental property. If there is a unit number (#), it should also be included. Then check the box related to the type of work.
“Validity period” is the duration of the Agreement. Residential leases can be concluded for any period, although the most common terms are one (1) year. Enter both a start and end date to complete.
Enter the amount of rent ($) to be paid to the tenant monthly. Then enter the day of the month the tenant must pay rent (usually the first of the month). The landlord should include a concise set of instructions on how the tenant is to pay the rent. This may include requesting payment by check, online transfer, or ACH deposit.
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The security deposit is a refundable deposit made by the tenant, which is used to pay for damages caused to the tenant during the rental period. The deposit cannot be deducted for normal wear and tear repairs. If the landlord intends to charge a deposit, the first box must be ticked. The amount of the deposit ($) should then be entered (usually equal to one (1) month’s rent) and the landlord should enter the number of days in which he must return the deposit to the tenant. If the lessor does not require a deposit, the lower (second) box must be ticked.
In order for the document to be officially binding, the parties must attach their signatures, print their names and indicate the date of signature.
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A month-to-month lease is a rental agreement that lasts until changed or terminated by the landlord or tenant. Each party must provide the notice required by state law (see table below).
It is recommended that either party send notice of termination by certified mail, return receipt requested (USPS). The confirmation will be issued after delivery to the sending party (as proof of receipt of the notice).
Lease for one year or more, three months; tenancy for six months or more but less than one year, one month; rent for one month or more but less than six months, ten days; a rental for a week or more but less than a month, or a rental at will for three days; Rent for one day, less than a week.
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The landlord must give at least 45 days’ notice, the tenant must give at least 28 days’ notice.
The landlord must give at least 30 days’ notice, the tenant must give at least 15 days’ notice.
60-day notice period for leases of 2 years or less and 90-day notice period for leases longer than 2 years.
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For a person who shows sufficient interest in the property that they would like to discuss renting the property, the landlord must first conduct a background check through a rental application. This will allow the landlord to process and view the individual’s credit report, criminal background and verify the character of the potential tenant using certain references. To test the level of interest in a property, it is common for landlords to charge between $18 and $75 per applicant.
Employment (Income) Verification – If an applicant has rental income but poor credit, landlords can verify their employment status by verifying with their employer.
At this point, the landlord would be aware of the tenant’s creditworthiness. In most situations, if the tenant has a high-paying job and credit, they will be in a better negotiating position because they are willing to pay the rent on time.
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For tenants with bad credit, landlords may be less willing to negotiate because they come with a higher degree of risk.
It is recommended that landlords always require the equivalent of at least one (1) month’s rent from the lease. At the end of the term, there will most likely be some damage to the property, and the lessor can deduct it from the amount when returning the money.
For high-risk tenants, the landlord must require the equivalent of two (2) months’ rent or up to the state maximum if the landlord evicts the individual. This amount will last the lessor at least until the eviction is completed.
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After all negotiations have been completed, the landlord and tenant should draw up a lease agreement. It is recommended to use one of the state specific leases on this page as it will contain the required clauses and disclosures for the property area.
Once the tenancy agreement is drawn up, the tenant should read it carefully to ensure that all agreed upon items (eg monthly rent, security deposit, parking fee, pets, etc.) are listed exactly as discussed.
Lead-Based Paint Disclosure – Required by federal law to be issued to all tenants entering a tenancy if the property was built before 1978.
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Move-in Checklist – Mandatory in most states to resolve security deposit issues after the lease ends. Both parties are required to carry out a pre- and post-rental inspection to provide an accurate description of any existing damage or repairs required.
After the landlord and tenant have agreed to the terms of the lease, the parties must agree to a signing meeting.
The tenant can now take possession of the property. If a tenant has signed a lease and cannot move out within the first (1st) month, they must wait until they decide to move out early at the prorated rent rate. The tenant will not be subject to all terms of the lease until either party gives notice or vacates, ending the lease.
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To cancel the monthly rent, the lessor will have to send a notice in the form of a notice. The notice of termination must include the notice period and the reason for the notice.
It is recommended to send the termination of the lease by registered mail with return requested. If either party chooses to terminate the contract in another way, make sure the receiving party has some proof of acceptance.
Secondly. premises. The lessor undertakes to lease the following real estate to the lessee in exchange for the payment terms specified in Part IV:
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Thirdly. Rent at will. This contract will be considered a monthly rental. Tenant will be permitted to occupy the Premises under a monthly agreement beginning [BEGIN DATE] and ending [#] days in advance or within the minimum statutory limit required by state law, whichever is greater.
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