When it comes to renting a property, you don`t necessarily have to go through a real estate agent or landlord. If you happen to have a spare property or a room, you might want to consider renting it out to one of your family members. This could be a great way to help them out while earning some extra income. However, like any rental agreement, there should be a written agreement in place that outlines the terms and conditions of the agreement. In this article, we will provide you with a sample rental agreement between family members.
1. Names and addresses: The agreement should state the names and addresses of both parties. In this case, it would be the family member who is renting the property and the family member who owns the property.
2. Property description: The agreement should include a description of the property, including the address, the type of property, and any unique features or amenities.
3. Rent amount: The agreement should state the rent amount and when it is due. This should include any late fees or penalties for late payment.
4. Security deposit: The agreement should outline the amount of the security deposit and when it will be returned. This should also include any instances that could result in the forfeiture of the security deposit.
5. Term of the lease: The agreement should state the term of the lease, including the start and end dates. This should also include any provisions for renewing or extending the lease.
6. Utilities: The agreement should indicate which utilities are included in the rent and which are the responsibility of the tenant. This should also include any provisions for sharing utility expenses.
7. Maintenance and repairs: The agreement should state who is responsible for maintaining and repairing the property. This should also include any provisions for emergency repairs or maintenance.
8. Restrictions and rules: The agreement should outline any restrictions or rules that the tenant must follow while living on the property. This could include noise restrictions, pet policies, and smoking rules.
9. Termination of the lease: The agreement should include any provisions for terminating the lease early, either by the tenant or the landlord. This should also include any penalties or fees for early termination.
10. Signatures: The agreement should be signed by both parties to indicate their agreement to the terms and conditions outlined in the agreement.
In conclusion, renting a property to a family member can be a great way to help them out while earning some extra income. However, it`s important to have a written agreement in place to protect both parties` interests. By following the sample rental agreement discussed in this article, you can ensure that you have a clear understanding of the terms and conditions of the rental agreement.