In order to secure mutual standing of both a renter and a house owner, US Federal laws urges both the parties to sign a Landlord Tenant Agreement as a substitute of the oral agreement on a court paper. Signing of a Landlord Tenant Agreement ensures the following major legal right, to both the parties:
- Rent Payer: Dwell in the property and use it accordingly without tampering;
- Landlord: Receive the agreed rent amount every month on time from the rentor;
What does the Landlord Tenant Agreement record?
Landlord Tenant Agreement is a vivid document explaining the onus and rights of the landlord and the rentor in minute details. The agreement also enlists every section of a property and how the tenant or the property owner is responsible for its regular keeping and refurbishment from time to time.
Prepared with the help of a skilled person, the agreement should include the following points associated with the payment of rent, fine for untimely payment of rent, security deposit, pest control measures, fixing of constructional defects etc.:
- Who is responsible for making the payment;
- How the payment has to be made;
- When the liable person should incur the expense.
What else is stated in the Landlord Tenant Agreement
- Time frame of possession and if the contract is renewable or not;
- Necessary course of action on the following issues:
- Untimely cessation of the agreement;
- Unethical conduct by the tenant;
- Detainment of the security deposit.