Landlord Rental Agreement is a weapon to fight lawsuits if the property owner or the rent payer disagrees to follow the terms and conditions agreed upon mutually at the beginning. The US State Laws makes it mandatory for the landlord and the tenant to sign a Landlord Rental Agreement so that they can ask for legal interference in order to settle disputes amongst themselves, if need be. Drafted by a professional, a Landlord Rental Agreeme nt is deemed void by the court if it is doesn't enclose the following with it:
- Lead based paint disclosure for units constructed before 1978;
- List of inventories;
- Verifiable receipt of deposit amount.
What should a Landlord Rental Agreement contain?
Federal Laws state that Landlord Rental Agreement should have provisions to include the following:
- Personal Details: The agreement should contain the name and address along with other essential details of the following persons:
Care taker of the property;
- Payment Details: The agreement should clearly mention the following details for the payment of rent, deposit, maintenance costs:
Mode of payment;
Person to whom payment has to be made;
Time and date when payment has to be made;
Penalty fees (if any) for late payments.
- Individual Responsibilities: The Landlord Rental Agreement should mention the respective responsibilities of both the property owner and the rent payer clearly. The responsibilities include maintenance of the rental unit, repairing of damages caused by either the property owner or the rent payer and also renovations, as and whenever required.