It is important for property owners and renters to protect themselves when renting a property. A needed form of protection is a rental agreement which is an agreement between the property owner and the person making the rental so that all of the details are agreed upon by both parties. This agreement should be in written form, not verbal, so there is no room for misunderstanding if questions should arise later, all problems need to be analyzed and anticipated!No matter how simple or straight forward the agreement may seem, always make sure it is in writing and signed and dated by both parties.
A rental agreement should contain all aspects of the rental that are discussed between both parties, such as; the amount of the security deposit, the monthly rental cost, if any upgrades will be made by the owner during the rental period or if compensation will be made to the renter for any upgrades approved by the owner, and a list of any problems with the property before the renter accepts responsibility of the property. It is very important to conduct a walk through with the owner and make written notes of any damages to the property and what steps will be taken concerning these damages before signing any agreements. Also, the agreement should contain any provisions concerning the length of occupancy and the length of notice needed when planning to vacate the property. If, after a certain amount of time, provisions need to be made to the agreement, both parties need to sign and date that they acknowledge any additions or deletions.
A rental agreement is very simple to obtain. There are forms that can be purchased by individuals or some property owners may prefer to have a lawyer draw up a general agreement where both parties can then add any further stipulations as needed. The written agreement does not have to be a pre-written form, it can be hand written during the discussion process. Again, the most important thing to remember is that everything discussed should be noted on the agreement, this protects the renter and the owner!
You can also get more information about Property Management including an extensive collection of free property management forms.
Find More Turnkey Agreement Articles