If you`re planning to rent out your basement as a living space, it`s important to have a rental agreement in place. A basement rental agreement outlines the terms and conditions of the rental arrangement between the landlord and tenant. This document protects both parties and prevents any misunderstandings that could cause legal disputes later on.
To make things easier for you, we`ve put together a basement rental agreement sample that you can customize to suit your specific needs.
Basement Rental Agreement
This Rental Agreement (“Agreement”) is made and entered into on [Date] by and between [Landlord`s Name] (“Landlord”), and [Tenant`s Name] (“Tenant”).
1. Property: Landlord agrees to rent a basement located at [Address] to Tenant for residential purposes only.
2. Term of Lease: The lease term will commence on [Date] and end on [Date]. The lease term shall automatically extend for an additional period of one month unless either party provides written notice of non-renewal at least 30 days prior to the end of the lease term.
3. Rent: Tenant agrees to pay rent in the amount of [Rent Amount] per month on the [Due Date] of each month. Rent payment must be made in cash or through [Payment Method]. If Tenant does not pay rent on time, Landlord reserves the right to charge a late fee of [Late Fee Amount] per day until rent is paid in full.
4. Utilities and Services: Tenant agrees to pay for all utilities and services required for their use of the basement. This includes but is not limited to electricity, gas, water, and waste management.
5. Security Deposit: Tenant shall pay a security deposit of [Deposit Amount] to Landlord. This deposit will be returned to Tenant when the lease term ends, provided that there are no damages or outstanding rent payments owed.
6. Maintenance and Repairs: Tenant shall keep the basement in good and clean condition and promptly inform Landlord of any necessary repairs or maintenance. Landlord shall be responsible for repairs due to normal wear and tear.
7. Termination of Lease: Either party may terminate this lease upon written notice to the other party. If Tenant terminates the lease before the end of the lease term, Tenant shall pay rent up to the date of termination.
8. Governing Law: This Agreement shall be governed by and construed in accordance with the laws of the [State] without regard to conflicts of law provisions.
9. Entire Agreement: This Agreement constitutes the entire agreement between Landlord and Tenant and supersedes all prior agreements and understandings, whether written or oral.
10. Amendments: This Agreement may only be amended in writing and signed by both parties.
IN WITNESS WHEREOF, Landlord and Tenant have executed this Agreement as of the date first written above.
As a landlord, it`s important to have a rental agreement in place to protect yourself and your property. This basement rental agreement sample can serve as a template for your own agreement, but make sure to customize it to meet your specific needs. Consider consulting with a legal professional to ensure that your rental agreement complies with all applicable laws in your area.