A simple rental agreement is a essential document that every landlord needs to know how to write. This document outlines the details that the landlord and tenant have agreed on for the period that the tenant will be living on the property. Creating a one-page rental agreement is simple. However, studies have shown that most landlords still find it difficult to create a simple rental agreement. If you are one of them, then today, you have landed in the right place. In this article, we will tell you everything you need to know about a rental agreement, including how to create one.
What is a Simple Rental Agreement?
A simple rental agreement or a 1-Page lease agreement is a residential contract created by the landlord when leasing a home, room, or unit to a tenant. This document contains a bare minimum of information to ensure the tenant clearly understands the terms of occupancy. The crucial information that this form contains includes the start and end of the lease, monthly rent, and utility responsibilities.
What to Include
Essential elements that simple rental agreement include:
- Property address
- Name of the tenant
- The name of the agent who will act on our behalf
- Terms and conditions of evictions
- How the tenant may use the property
- Rules on how the tenant should handle pets on the property
- Length of the lease
- How to handle damage of the property from different causes
- Rent amount
- Security deposit
- Total amount due
- Signature of all parties
- Notice requirements
Simple Rental Agreement (Formats & Templates)
How to Write a One-Page Lease Agreement
- Include all basic information. The one-page lease agreement should have all basics information about the landlord, the tenant, and the property. Basic information to include in the lease agreement includes the name of the tenant and landlord/ property manager, address of the property, and the date when the lease will start and end.
- Include details about the security deposit. Once you have entered all basic information, the next step is including details about the security deposit. Clearly state the amount you need and the mode of payment. The lease agreement should also include a clause that states you will return the security deposit in full unless there are issues like damage to the property.
- Include rent amount, mode of payment, and payment date. State in the lease agreement the rent the tenant needs to pay each month, payment date, and the mode of payment to use. You should also specify if there are penalty fees in case the tenant fails to pay rent on time as agreed.
- Specify details of property maintenance. Clearly state the responsibility of the landlord and tenant when it comes to the maintenance of the property. You should also list all available appliances on your property and their current condition. Also include the changes you will allow the tenant to make on the property. Don’t forget to specify that the tenant deposit will be used in case they damage the property.
- Include details about subleasing. The tenant may want to sublease the property. Therefore, you should specify whether you allow subleasing or not and, if yes, clearly state the terms and conditions, including the landlord having the right to screen the subtenant before the agreement is finalized.
- Include details of any defects on the property. If your property has any defects, it is important to inform the tenant about them. Disclosing defects on your property will help you avoid legal battles in the future.
- Include a statement about contract termination. Once the tenant lease contract has expired, you need to specify the number of days you will allow the tenant to stay on the property. You should also include details about the process of contract termination, including when the tenant should inform you that they intend to terminate the contract and the condition to leave the property.
- Include signature segment. Each party needs to sign their name, enter the date in which they are sighing and print their name beneath their signature.
- Keep the agreement in a safe place. Once you have finalized writing the lease agreement, store it safely. Ensure that you have both hard and soft copies and keep them safe.
Simple One-Page Rental Agreement vs. Rental Agreement
So, between a one-page rental agreement and rental agreement, which one is better? The answer is pretty obvious- a simple one-page rental agreement is a better option because it is easy to create. It also includes all necessary information about the property, the landlord and tenant, and terms and conditions. The fact that it is one page means it easy for the tenant to read and understand.
One page rental agreement is a simple but very crucial document that will help prevent conflicts. Fortunately, writing this document is simple and doesn’t require help from an expert. You only need to follow the simple steps given above. When creating a one-page rental agreement, ensure that it has all crucial information about you, the tenant, and the property. If possible, have an attorney go through it to ensure that everything is good before storing it in a safe place.