What is a Rental Agreement – Rental Agreement Template

April 28, 2022

Rental Agreement – An Introduction

A rental agreement is a contractual document that provides the terms and conditions that have been agreed upon by both the tenant and landlord towards renting the property, either residential or commercial from the landlord. 

Rental agreements are usually done by month on month; these types of agreements are renewable automatically until and unless terminated by both the parties – i.e., either by the landlord or by the tenant. The residential lease agreement is a similar contractual document done between landlord and tenant. (1) 

A residential lease agreement, on the other hand, is usually referred to for a year of rental. When a tenant takes rental of a residential or commercial property for one year – then he enters into a Lease Agreement with the owner. 

Both rental and lease agreements are documents that outline the obligations, terms, and conditions set forth between the owner, otherwise known as ‘landlord’/ ’lessor’ of the property, and another party, otherwise known as ‘tenant’/ ’lessee’, who pays rent during the occupation of the property.

A residential lease agreement and rental agreement is a document that outlines the arrangement between an owner of a real estate, known as the “landlord” or “lessor”, and someone else that is willing to pay rent while occupying the property, known as the “tenant” or “lessee”. 

Both are legally bound documents and the main purpose of the Rental Agreement Template document is to protect all parties’ interests. 

The key point in any state of the US, there is no legal difference between a lease and a rental agreement, which means, there are no different templates for the Lease Agreement Template and Rental Agreement Template. 

Key points of Rental Agreement Template

Before we come to the Rental Agreement Template, know the important points of the document. 

Every state in the US has specific legal procedures and approvals for rental agreement template/ lease agreements. It is always a wise choice to have a legal opinion when drafting the agreement. The following would list the important points that every rental/ lease agreement must contain.

• Tenants and occupants’ details with the contact information, email ids, etc.

• Address and details of the rental property.

• Duration of rental/ tenancy – the validity with from and to dates.

• Amount of rental to be paid by the tenant and the mode of acceptable payment methods.

• Security Deposits – though this amount is refundable at the time of release, this security deposit is essential for the landlord to take into account any damages that would have been caused during the stay by the tenant.

• Terms and conditions related to maintenance of the property. (2) 

Simple Lease Agreement/ Simple Rental Agreement – Rental Agreement Template 

This Lease Agreement (this “Agreement”) is made on this <ddmmyyyy> 

Between

Landlord: <Landlord Name and details> (“Landlord”) 

AND

Tenant(s): <Tenants Details> (“Tenant”). 

The tenant has agreed to pay the monthly rent to the landlord and adhere to the terms set forth in this agreement. 

The Landlord and Tenant are referred to in this Agreement individually as ‘Party’ and together as ‘Parties’.

1. The details of the property rented 

Furnish the complete details of the property – if it is an independent house, condominium, or apartment. A number of bedrooms; kitchen; balconies; parking space. Every detail needs to be written down. If the property has been furnished, the details of furnishing need to be mentioned. In this header, the complete address of the property also needs to be mentioned. 

2. Tenure of this Agreement

 This Agreement shall be considered as a Fixed Lease/ Month-to-month rental/ or any other tenure.

Tenure Beginning on DDMMYYYY

Tenure Ending on DDMMYYYY

3. Rental Amount

The Tenant will pay the Landlord a monthly rent of <$ value> for the Term. This Rental Amount needs to be paid in advance and due on the 1st day of every month. The maiden rental amount is to be paid on the date of signing this contract document. 

The specified amount could be paid by any mode of payment like cheque/ cash/ Bank Transfer or other modes which are acceptable to the landlord.

The Tenant further agrees to pay a penalty of $ value in case of any default or due to cheque bounce or by any other default from the date specified.

4. Utility Payment

The tenant is responsible to pay for all utilities like Electricity, Water, Sewerage, Heater, Gas, and Cable/ internet connection.  

5. Security Deposit 

Tenant has agreed to pay $ value as a Security deposit as the performance of his obligations of rental property. This deposit money may be used by the Landlord in case of any theft, damage, or other means of property. The Security deposit money is otherwise refundable to the tenant at the time of closure of this Agreement. 

6. Property Usage 

The property will be occupied only by the aforesaid tenant and his close family members. The tenant agrees that he would not involve or entertain any objectionable behavior or involve in any activity which is illegal or immoral and the further tenant agrees that he would maintain the property with care and cleanliness by all means.  

7. Rules and Regulations

As per annexure rules and regulations governed by the community center/ association and by the rule book By-law need to be adhered to by the Tenant.

8. Subletting Policy

Subletting policy is allowed/ not allowed/ need to have consented with the landlord and the landlord would/ would-not make a separate agreement with the sublet tenant. 

9. Governing Law 

The terms of this Agreement will be governed by the law of the State/ County. 

10. Other Terms/ Miscellaneous Points

Any other terms could be added as per mutual consensus by Parties 

IN WITNESS WHEREOF, the Parties hereto have executed this Agreement as of the Effective Date <ddmmyyyy>

Landlord Name:

Landlord Signature:

Date

Tenant Name:

Tenant Signature

Date

Attached: Annexure/ ByeLaw document

Know more about the Rental Agreement Template 

Contact eSahayak US to know more about the residential lease agreement, and simple rental agreement. Click here to know the template for the Rental Agreement Form. 

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