A free simple rental agreement is a one-page document that can be used to make a residential lease between a landlord and tenant. It contains a few basic terms such as rent amount and start and end dates.
This type of rental agreement should be reviewed before signing to make sure all parties are aware of their responsibilities and rights. Also, it should include a section describing security deposits.
Lease Term
A lease is an agreement between a landlord and tenant that specifies the rental terms and conditions. It includes information on how much the rent will be, when it is due, and how the security deposit will be used.
Standard residential lease agreements can be either fixed-term or month-to-month. Both types are similar and offer the same benefits to both landlords and tenants.
The lease term should begin on a specific date and end on a specific date. It is important to write down the exact date that the agreement starts and ends so the parties know what they are signing. It should also contain the full names of all parties involved. These two things will help ensure that the agreement is valid and binding.
Security Deposit
A security deposit is a sum of money paid by a tenant prior to the lease signing. This money can be used to cover damages that may occur during the tenancy.
Landlords can charge their tenants a flat fee or a percentage of their monthly rent price. It’s also common to add a late fee as a way to deter renters from skipping out on their payments.
Some states have laws that limit the amount a landlord can charge for the Security Deposit. These laws are designed to protect both the landlord and the tenant from any unnecessary losses. However, some landlords still choose to charge their tenants a high security deposit. They do so as a way to encourage their tenant to sign a long-term lease.
Late Fees
A landlord may impose a late fee on a tenant if rent isn’t paid by its due date. However, the size of the fee is subject to legal limits.
A late fee may be waived if you feel that the tenant will pay rent on time in the future. Another option is to prorate the fee.
Landlords should charge late fees that are fair and reasonable. This will help protect them from tenants who may decide to take legal action.
Tenant’s Responsibilities
In order to ensure the safety of your tenants, it is important for you to provide them with a rental application form and run a credit and background check. This can help you avoid having to deal with a bad tenant and keep your costs low.
You must also be able to provide the tenant with keys and mailbox keys upon their move in and return them after the lease term is complete. If these items are not returned to you, they will be charged against the tenant’s security deposit.
The tenant must also be able to maintain the property in a manner that prevents the occurrence of mold or mildew growth. This can be done by keeping the unit clean and allowing air to circulate inside it.