The relationship between a property owner and tenant can only thrive in an environment of mutually beneficial agreement. Since this relationship is business-oriented rather than personal, solid paperwork is mandatory to protect all concerned parties. The rental agreement document is one such vital piece of paperwork.
Importance of Signing Rental Agreement
A signed rental agreement is critical for many reasons. First, it defines the rights of the property owner and tenant explicitly. It does not stop at the rights alone, though. The agreement also states the obligations of the two parties in such a relationship. Through these, the document is then capable of acting as the tool that helps to resolve disputes between landlords and tenants.
A signed agreement requires careful reading and understanding. Fortunately, both parties can benefit from the services of experts in rental agreement legal translation to give them a better appreciation of the document. It's a requirement for the parties in this kind of relationship to read the document in its entirety. While reading it, the focus should be to check for the following details:
- Basic stipulations
- Additional inclusions
As the name suggests, basic stipulations cover some of the most obvious issues on the agreement. For example, it covers rental fees and due dates. It also touches on the methods of payment as well as the duration at which the tenant rents the building. These stipulations also cover any additional fee or term under which an increase would be necessary.
Additional inclusions, for their part, deal with issues such as pets. Does the tenant wish to move in with a pet or two? Without such an inclusion or clause, the tenant would be unable to do this. Policies on smoking, subletting, boarders, and guests also fall under this category. Who should take care of repairs? Can tenants make any changes to the building? The extra inclusions will define these issues and more.
How to Prepare Rental Agreement
As you might learn from rental agreement translation, this document is not as hard to create or prepare. The main pointer to remember here is to define each party's individual rights and responsibilities. Do not forget that the document is legally binding on both parties. With that in mind, you should make sure that it features the following:
- Names of both parties
- A proper description of the premises
- Detailed definition of the terms of the agreement
- Exact amount to be paid as rent clearly stated
- Date when rent is due
- Terms of renewal
- Amount to pay as security deposit
- Agreed method of payment
- Date when payment is due
When is a Rental Agreement Necessary?
Lastly, a rental agreement document is necessary whenever property owners plan to rent or lease out their buildings. A property manager acting on behalf of the owner must also sign one with all tenants. When leasing out part of the building, such as a single room or annex, one would also require the rental agreement legal translation. Tenants too should not move into houses until such an agreement is signed.