Free Residential Landlord Tenancy Agreement
Comprehensive Guide on Free Residential Landlord Tenancy Agreements
If you have found the right tenant who will rent your property, the next important step is to come up with a tenancy agreement for your rental property. Once you and your tenant have filled up and signed the tenancy agreement, this important document formally starts your landlord-tenant relationship.
Do you need a free residential landlord tenancy agreement for your property? You can easily find various free documents for landlords over the Internet. You can download not only tenancy agreements, but also other essential forms such as notices for current tenants and termination of the tenancy agreement. But before you avail of those forms, you must learn several things to make sure that everything goes smoothly with you and your tenant. Confusion and misunderstanding between a landlord and his renter may arise when a residential tenancy agreement is done without careful thought. Unclear statements on the lease agreement may be interpreted in many ways, which can be frustrating for both parties. So it’s necessary that you ensure that all the tenancy essentials are clearly communicated by your tenancy agreement.
Here are some guidelines to help you determine which free residential landlord tenancy agreement can help you establish a good relationship with your new tenant.
The type and time period of your tenancy
Your tenancy agreement must clearly indicate whether your tenancy is a fixed term or a periodic type. Periodic tenancy for residential properties is usually favored by landlords who opt for a short-term lease or tenancy that can be easily terminated. Short-term leases typically last for weeks or for months.
On the other hand, the duration of fixed-term tenancy is generally six months or more. A lease agreement for fixed-term tenancy should provide the exact date when the tenancy will start and end.
Collection of rent payments and penalty for late payments
The rental fee is the most important aspect of residential tenancy for any landlord. So make sure there are no vague statements on your tenancy agreement regarding the rent. The amount of rent and payment collection method (through cash or check) must be carefully stated on your free residential landlord tenancy agreement. If you prefer that your tenant pay his rent to your bank account, then state your bank account number properly to avoid problems with the payments. The tenancy agreement must also state how the tenant will be penalized in case of late rent payments. Specify the amount that has to be paid in addition to the rental fee, as well as under what circumstances you are going to get the payment from your renter. Just make sure that the penalty fees do not go beyond the limits set in your area.
How the security deposited will be collected
Inform your new tenant about the security deposit he has to pay. That should be clearly and specifically stated on your free residential landlord tenancy agreement. Landlords usually charge security deposits equal to one or two month’s worth of rent.
In addition, the tenancy agreement should indicate when you can get a certain amount from your tenant’s security deposit. You can do that when the tenant fails to pay his rent or for repair damage on your property due to the tenant’s neglect.
Who will pay the bills
The law requires landlords to shoulder the cost of maintenance of their properties. However, other property expenses can be either shared by the landlord and the tenant or paid only by the tenant. The tenancy agreement must state in a detailed manner who is going to handle the expenses such as water, electricity, waste disposal, and others.
How to end the tenancy agreement
Ending the tenancy agreement depends on your type of tenancy. For periodic tenancy, make it clear on your agreement the number of days in advance your tenant has to notify you about his intention to vacate your residential property. Most tenancy laws require tenants to give a written notice to leave the property for a minimum of 30 days in advance. That period will give you ample time to search for a new tenant who will occupy your rental property once the old one moves out.
Rules and regulations of the tenancy
State in clear and easy-to-understand terms your tenancy agreement so that your new tenant knows the rules regarding his stay in your residential property. Once your tenant breaks your rules, you have the right as a landlord to evict your tenant according to the tenancy laws in your area.
To sum it up, your free residential landlord tenancy agreement must provide all the pertinent information regarding your tenancy in the clearest way possible.
