Rental Agreement Between Family Members
Rental agreements can be concluded not only between unfamiliar people or friends but also between family members. Moreover, no matter how much you love and trust your family, sometimes it makes sense to legally fix the obligations and duties of everyone who lives in the common property. This will help the cotenants feel more comfortable and secure, as well as significantly simplify the life of all family members living together.
What is a Family-Member Rental Agreement?
The lease agreement is a document that describes in detail the rights and obligations of all family members who live together and share common property. In addition, it describes the lease term, the separation of joint and personal property, behavioral permits and prohibitions, insurance, and much more.
However, you should note that the conclusion of such a paper with your loved ones can bring not only benefits but also some disadvantages.
The advantages include:
What should be included in a Family-Member Rental Agreement
In general, the Family-Member rental Agreement is not much different from the usual Room Rental Agreement and includes the same elements.
You can add everything you need, but it must have some main information:
names of homeowners and family members
lease term with particular dates
cost of rent, utilities, and security deposit
rules, prohibitions, and rights
both parties’ signatures
Each part of the paper must be specified in detail, and since this is a legal document, you should pay all your attention to drawing up this agreement and its terms to be satisfied with the final result.
As for the duration of the agreement, you need to clearly indicate whether you can terminate the agreement before the identified date. In this case, you will be able to force a family member to leave your home if necessary, based on this document. Otherwise, there is only a certain set of conditions under which you can terminate the agreement before the deadline specified in the Rental Agreement.
How Rental Agreement Between Family Members Works
In this section, I will give you detailed instructions on how to draw up a Family-Member Rental Agreement correctly and what information you need to include in it.
- Names address and phone numbers of both parties
Specify the required information about the landlord and tenant and also write the address of the property that both parties plan to share.
Indicate on what term you allow a family member to live in your property, as well as whether there is a possibility of terminating the agreement before the deadline.
- Describe the leased property
Here you should specify which part of the property is considered common, as well as which utilities a family member has the right to use.
Write all the payments and the amounts the tenant must pay while living on your property. It includes the rent, security deposits, and costs of utilities use.
This part includes the prohibition or permission to invite guests, loud sounds and noisy activities, food division, cigarettes, alcohol, firearm owning, and so on. If you are against your tenant making noise only at certain hours, you should specify the time in the document.
- Insurance, defaulting, end of the lease term
Specify all the required information about the following terms and punishments for their violations.
- Additional requirements and signatures
Add other aspects of the rental agreement you would like to include in the document. In the end, don’t forget to put your names, signatures, and date of the agreement conclusion.