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Rental Agreement between Relatives

By June 22, 2023No Comments

Are you considering renting a property to a family member or renting from a relative? While this may seem like a great way to save money or help out a loved one, it`s important to have a clear and legally binding rental agreement in place.

A rental agreement between relatives is just as important as any other rental agreement. It protects both parties and sets clear expectations for the rental period. Here are some key things to consider when drafting a rental agreement with a family member:

1. Rent and Payment Terms

The agreement should clearly state the rent amount, due date, and any late fees. It`s important to treat the rental agreement as a business transaction, even if it`s between family members. This ensures that both parties take the agreement seriously and hold each other accountable.

2. Security Deposit

Include a provision for a security deposit, just as you would in any other rental agreement. This protects the landlord from any damage caused to the property and ensures that the tenant has a vested interest in taking care of the rental space.

3. Length of Stay

The rental agreement should specify the length of the lease, whether it`s month-to-month or for a set period of time. This removes any confusion about when the lease ends and when the tenant is expected to move out.

4. Maintenance and Repairs

The agreement should outline who is responsible for maintenance and repairs. This can include regular upkeep, such as lawn care and snow removal, as well as any repairs that may be needed during the rental period.

5. Rules and Regulations

The rental agreement should clearly state any rules and regulations that the tenant is expected to follow. This includes any restrictions on pets, smoking, or noise levels. This protects the landlord`s property and ensures that the tenant is aware of any expectations.

6. Termination Clause

Include a termination clause that outlines the circumstances under which the rental agreement can be terminated. This includes situations where the tenant violates the agreement or fails to pay rent. Having a clear termination clause protects both parties and ensures that the rental agreement can be ended legally.

In conclusion, it`s important to have a rental agreement in place even if you`re renting to a family member. This protects both parties and sets clear expectations for the rental period. By including key terms such as rent, security deposit, length of stay, maintenance and repairs, rules and regulations, and termination clause, you can ensure that the rental agreement is legally binding and protects both parties.

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