About The Right Rental Contract

Two main types of rental contracts are the real estate rental contract and the item rental contract

. Although with every new day, each of these two rental contracts has a lot of sub types. Each sub type consists of different elements which makes the decision of choosing the right rental contract even more difficult. If you want to rent a house or an office you should broadly choose a real estate rental contract. However if you want to rent a car, a motor bike or equipment you should resort to the item rental contract. The main types of rental contracts can be distinguished from each other very easily.

The retail or item rental contract requires the person, (who is renting) to submit the number of his driver's license. This type of rental contract shall state all the conditions and terms of renting the item in consideration. The contract should clearly consist of the name of the item being rented, the rent fee that is being paid, the mode of rent payment which includes mentioning the rent installment fee, the installment time period etc. The contract should also clearly state any other additional amount that is required to be paid by the renting party. The item rental contract should also state the terms of maintenance of the item that the renting party should keep in mind. It should also clearly state that the item should be returned in what specific desired condition. The penalties related to the non-compliance of terms of contract should also be stated clearly in the contract.

The rules for the real estate rental contract are different. The information collected for both types of rental contract is almost the same however the real estate rental contract will require another essential element to be included. The additional essential element in the real estate rental contract is the inclusion of terms and right for both the landlord and the tenant. The real estate rental contract should also include the amount of payment that the tenant will be required to pay before moving out.

There are different subtypes for each of these two rental contracts. For example, the real estate rental contract will be different for renting a commercial property than renting a simple property. Choose your rental contract by carefully evaluating the item or property in rental consideration.

About The Right Rental Contract

By: Pinky Savika

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