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Download rental agreement template in Microsoft Word format.
Streamline the Rental Process with a Rental Agreement Template
Are you the owner or manager of several different rental properties? Do you currently use the same pre-printed rental agreement when you negotiate a lease with a potential renter? If so, you may be surprised that there is a much easier, and, in fact, cost effective way to create these documents. In this article we will show you how a rental agreement template can help streamline the process of renting out your units, and we will also highlight some of the information that should always be included on one of these very important forms.
How Can a Rental Agreement Template Help Your Business?
If you’re a landlord or property manager, especially one that manages many different properties, you are already well aware that not all rental agreements are the same. This is why one pre-printed rental agreement is seldom enough to satisfy each type of property you rent. Using a rental agreement template, however, will allow you to negotiate each lease or rental agreement on a case by case basis, while still retaining the same basic information for each lease.
In addition to saving you time and money, a rental agreement template will allow you to store your renters’ information electronically, rather than keeping an additional paper file for each person to whom you rent.
What Should You Look For on a Rental Agreement Template?
There are many different types of templates available online, but when it’s time to search for the perfect rental agreement, there are several things you should look for. These include:
• Property Name and Address. This space is one of the most important reasons to use a template. Here you can enter the property name and address once, and only once, and use it over and over again with each renter.
• Tenant’s Name. The name of each person entering into the lease should be recorded in this portion of the template.
• Monthly Rent. This space is where you will list the agreed upon amount for the monthly rent.
• Rent Due Date. This is the day of the month when the rent is due. For example, the first, third or fifth day of each month.
• Late Fees. If you plan to charge a late fee when a tenant fails to pay rent on time, the amount of that fee must be recorded on the document.
• Property Rules. A comprehensive list of rules that the tenant must abide by, along with the consequences for breaking those rules, needs to be listed prominently on the rental agreement.
• Signature and Date. This final space is where the tenant will sign and date the document indicating he agrees with the terms of the lease.
Although the rental agreement can contain additional information to suit your purposes, the above information is the very minimum you should look for. Using a rental agreement template eliminates the need for stacks upon stacks of pre-printed rental agreements, and allows you to keep an electronic record of each lease.