Short Rental Agreement: What You Need to Know
If you`re considering renting out your property on a short-term basis, you`ll need a short rental agreement. This legal document sets out the terms and conditions of the rental, ensuring that both the landlord and the tenant are clear about their respective responsibilities.
Here are some key points to keep in mind when drafting a short rental agreement.
1. Length of stay
A short rental agreement typically covers stays of less than 30 days. If you plan to rent out your property for longer periods, you may need a standard lease agreement instead.
2. Rental rate and payment terms
Be sure to include the rental rate, the due date for payment, and any late fees or penalties for non-payment. You may also want to specify how the payment should be made (e.g. by check, online, or in cash).
3. Security deposit
A security deposit is a sum of money held by the landlord as collateral against any damages or unpaid rent. Your short rental agreement should state the amount of the security deposit, the circumstances under which it will be forfeited, and the conditions for its return.
4. House rules
It`s important to establish rules for your property to ensure that it remains safe, clean, and welcoming for all guests. Your short rental agreement should include any specific house rules you want your guests to follow, such as no smoking, no pets, or quiet hours.
5. Liability and insurance
Who is responsible in case of accidental damage or injury on the property? Your short rental agreement should specify the liability of both the landlord and the tenant, and whether the tenant is required to have their own liability insurance.
6. Cancellation policy
If the guest cancels the reservation, what is your policy for refunding their payment? Your short rental agreement should state your cancellation policy, including any fees you may charge for cancellations.
7. Termination
Under what circumstances can the rental agreement be terminated early? Your short rental agreement should detail the conditions under which either party can terminate the rental, as well as any notice requirements.
In summary, a short rental agreement is a vital legal document that sets out the terms and conditions of a short-term rental. By including the above points, you can ensure that both you and your guests are clear on your respective responsibilities, helping to avoid misunderstandings and disputes down the line.