Weekly Rental Agreement
Having someone to live at your place is quite a worrying experience — a new person’s attitude to your property is unpredictable. It is always ultimately important to create a lease agreement to avoid undesirable consequences, especially if the lease period is short. Why exactly do you need a rental contract? What elements should it contain? How to make it legally binding? We will overview these questions here in this article.
What is a Weekly Rental Agreement?
There are various types of lease agreements. A weekly rental agreement is needed when a landlord is intending to provide their premises for the tenants for a period of one week. This way of leasing has reasonable advantages:
The income you will receive is larger than the one from permanent leasing;
You, as a landlord, are able to terminate such a contract easier than a long-term one;
It is way simpler to promote your offer on websites like Airbnb.
If you necessitate prolonging the contract for a few more weeks, you will recreate the form with the dates changed. If you and your tenants have come to a decision to turn the document into a long-term one, the agreement should be modified.
When to Use a Weekly Rental Agreement?
You want to use this document literally every time there are uncommon guests at your place.
Having both parties’ signatures appended there, you will prevent some unwanted situations, such as:
Stealing your personal possessions bought for the place;
Damaging or destroying parts of the premises;
Organizing illegal activities on your premises;
And other things.
What Should Be Included in a Weekly Rental Agreement?
There is no officially issued form to be followed. However, a number of pieces of information in any order have to be inserted.
Begin by providing both parties’ personal data (full names, residential addresses, contact information) and the date when your contract becomes effective.
Then, include a description of the premises you are leasing (city, state, and unit number).
The term is about to be seven days, though you should indicate the exact dates when the tenants are allowed to occupy your place.
The rental payment you expect to get must be input in US dollars. Do not forget to specify the way you will receive these monetary funds and when they have to be transmitted.
If there is a security deposit you and your tenants agree upon, give information about the amount. Mention the date when the landlord is obliged to return this sum. You also have to describe the reasons why the deposit may not be paid back.
If applicable, input information about the number of parking spaces you are providing for the occupants. Is the fee included in the rental payment? Discuss that in advance.
Who is going to be living at your place? All the occupants’ names need to be mentioned.
The landlord is about to provide all or some of the following services and utilities:
Defining which of these will be available on the premises and whether their cost is included in the rental price or not is essential.
You should come to an agreement upon keeping pets if this is an issue.
Once all the matters are negotiated, two parties sign and date the document.
How a Weekly Rental Agreement Works
It is necessary to prepare a set of documentation prior to leasing your real estate. Be ready to provide IDs and proof of ownership. It is not compulsory to notarize the paper in the US.