Rental Agreement Templates Free: What to Include
You are always welcomed to find Rental Agreement templates free that would be suitable to your own condition. However, before you choose a particular website and start downloading the template from it, it would be best for you to understand what the agreement is about and what crucial elements to include are. Sure, the templates would make your work easier, but isn’t it better (and wiser) if you understand what you are doing and you completely understand the contents?
The Crucial Elements
Never underestimate the task of composing an agreement. You need to remember that it is a legal document with legal-binding power. It is a piece of paper that can change your course of life. So, when you are thinking about finding the right Rental Agreement templates free, you should check whether those templates have these crucial elements:
- Lease term. You need to state the period of time of the lease –from the starting date to the end date. It depends on the property management type, really. If you own a single-family home, then you focus on a long period. But if you have a vacation rental property, it is likely for a shorter time – a month would be the max.
- Early lease termination. You need to define what would happen if the tenant decides to terminate the lease early. You need to be prepared, and this is one factor that may affect you – and your finance. Include such thing as: are they allowed to sublet it? What are the qualifications if they are? What are their responsibilities? What about the fees to market (the property) again? And such thing alike.
- Rent amount or rate. The agreement must clearly define the amount of the rate. If there is a special arrangement for the first early month, then the agreement should state it too.
- Due date. This is also crucial: You need to always state the due date clearly.
- Penalties for late fees. This should also be included in the agreement. Otherwise, the tenants would underestimate you and they will likely pay late – MOST of the time. Clearly state how much you will charge. Is it for a daily late fee, a flat charge, based on the rent’s percentage, and such a thing alike.
Getting the Help
If you don’t really know what to do, it is always a good idea to see the example templates from reliable sources. Some of them also offer changes, in case you want to make it. We can also help with our own collections. Feel free to see Rental Agreement templates free and enjoy!