Rental Contracts

A rental contract is a written or oral agreement between a landlord and a renter or tenant. A rental contract creates the legal relationship between the two parties. A renter has to abide by the rules specified in the agreement, without being in any way harmful to the premises or the neighbors, as per most of the rental contracts. The terms and conditions of a rental contract are subject to the local jurisdictions, statutes, and ordinances.

If you are about to sign a rental agreement, the first thing to do would be to go through the agreement very carefully. Remember that it is a legal document and you cannot take it lightly. It is always preferable that you interpret your rental contract with the help of a lawyer, who may be able to understand it better.

Another thing with rental contract is that you should never enter into an oral agreement. This can cause problems later on, if one party were to interpret the agreement differently from the other. It is always advisable to have rental agreement is in writing.

Generally speaking, rental contracts fall under two categories; fixed term rental contracts and periodic or month to month agreements, with each having its own advantages.

Most rental agreements are of the fixed type. They allow the renter to occupy the premise for a specific period of time. They usually include sub clauses with rules governing what should be done if the renter had to vacate the premises before the expiry of the contract.

Periodic agreement too has its own advantages, one of them being that it is flexible. A renter can, say for instance, terminate the agreement at any point of time when he desires. Landlords too can do the same and could even raise the rent as and when they wish. Whether you are a landlord or a renter looking for shelter, it is important that you are armed with at least the basics of rental contracts, before you sign an agreement. You can find great information on rental contracts by visiting online resources dedicated to the subject.