What You Can Read in a Butuan City Apartment Rental Agreement

If you have money, then you should invest it in buying an apartment complex. That way, you can have a way to supplement your main income. Once you get your apartment complex, the next thing that you will have to do is to draft a lease agreement. There are basic information that you must include. Here are the must-have details on the agreement.

Name and address. It is a must to include the name and the address of not only the landlord but also of the tenant. In some rental agreement, landlord is referred as lessor while the tenant is referred as lessee. There are agreements that refer to the people involved as parties.

Property address. Do not forget to include the detail of where the property is located. Especially when you have multiple properties you are renting out, you can easily identify what property you have rented out to a specific tenant. You might even find it helpful to include some details in your rental agreement regarding the parking space, furnishing, storage areas, and the likes.

Tenancy term. How long the tenancy is should be indicated in the rental. To determine this, you have to specifically include the beginning date of the rental as well as the end date. Some tenancy only lasts for a month while there are others that last for a year or so.

Rental amount. How much is due every month should also be included. Aside from the actual amount due, include when it is due and where it should be paid. The acceptable payment mode as well as how much the late fee is should also be indicated. Speaking of fees, it is better to include the deposit the tenant should pay as well.

Utilities. With the rental agreement, you have to indicate what utilities are offered in the rental property. You have to indicate what utilities in the property will the landlord pay and what the tenants are responsible for.

Rental unit condition. Before you lease out the unit, it is highly recommended that you check out its condition and indicate that in the agreement. Subsequently, include what responsibilities the tenant has regarding maintenance and repair.