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Terms of a Rental Contract

Most of the people that formerly owned houses have now changed to renting houses given the fact that both housing and employment are a major crisis in the world today. More and more people are getting into renting of homes including those that are getting employed.

It is highly necessary that there be a lease agreement whenever two entities are agreeing on lease contracts. A lease agreement contains a number of well outlined terms and conditions that are supposed to be followed by a tenant and also shows the repercussions of acting against the terms and conditions. With a rental agreement, a mutual understanding can be reached between both the renter and the owner of the property. There are a number of different terms that as a landlord or landlady, need to include in the rental agreement.

The first requirement of a good rental agreement is that it should contain the parties to the lease and hence it should name the owners of the property as well as the tenants under the agreement. A well done and drafted lease contract should contain a good description of the building under lease. In order for the rental contract to be enforced, the building under the agreement should be well defined with an indication of details such as the address and the number of apartments in the building. Highly important also, the lease agreement should contain the terms and conditions of renting the property. The lease agreement should contain details on the rent amount as well as the day that the rent needs to be forwarded to the agent or the owner of the property. On the terms of rent on the lease agreement, the owner of the property also needs to indicate where the money should be sent to, how it should be paid as well as the consequences of late payment.

The date on which the rental agreement is initiated and the date on which that agreement will expire should be indicated in the lease agreement. In addition to this there also have to be indications on when and how both the landlord or landlady and the renter can terminate the lease. When it comes to drafting a lease agreement you should not forget to indicate the details of the security deposit such as text amount to be paid as security deposit, the manner through which it should be paid and how it can be released to the tenant in the future. The lease agreement should also show the number and names of the person that occupy the building and the consequences of over staying in the building. Another important thing that you should describe in the lease agreement is whether the tenants are allowed to keep pets within the property. This should also include the number of pets, the size, the kind of pets and if there is an additional amount required for keeping a pet.

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