Examples of Rental Agreements and Contracts
There are many examples of rental agreements and contracts that property owners can use when renting living or commercial space to a tenant. Which agreement you use will depend on how technical you want the language to be when renting your property. The rental contracts serve to protect the property owner and the tenant in the event that a problem arises.
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Verbal Agreements
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Verbal agreements don't protect anyone in the event that rent is not paid or a tenant vacates the property without notice. Also, the renter is not protected against early eviction. The verbal agreement may accompany a rental application, wherein the property owner does a background and credit check as the only requirement for renting the premise.
Residential Lease
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The residential lease details what the tenant can and cannot do with the property. It will detail how many people can live on the premises and if any pets can be present. It details the condition of the property and if any maintenance is expected of the tenant. Leases of this type detail information regarding vacating the premises and what happens if rent is not paid.
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Month-to-Month
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A month-to-month agreement is used when the renter or property owner does not know how long he or she can rent the property. These types of contracts can be used for renters who are relocating and/or looking for a permanent residence, or for a property owner who may be trying to sell the rented property.
Commercial Lease
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Commercial lease contracts are more involved than a residential lease. It can detail the length of time for use of the premises in years, the conditions of use and detail what will be needed in terms of money to break the lease. These types of leases are used for office space, store properties and warehouses.
Cosign Lease
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If more than one person is moving into the rental unit, a property owner can use the cosign lease agreement. Each person is held liable for the property. These agreements can be used if the person renting does not meet all requirements of the property owner after a credit check. A cosigner is stating that he or she will guarantee the rent will be paid by the person or by the two of the them jointly.
Rent to Own
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The rent to own contract is used to detail how much rent money and any additional money is applied to the down payment on a rental property. These contracts are used for houses, condominiums and commercial buildings. The contract lists the amount of time the tenant will rent the building before applying for a loan to pay off the balance remaining on the building.
Roommate Agreement
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A tenant or a property owner can use the roommate agreement when more than one unrelated person moves onto the premises. The agreement will state what is expected of the roommate and contain information about rent, responsibilities and what cannot be done on the premises.
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