Are you in the market for a new roommate or looking to rent out a spare room in your house? If so, it`s important to have a solid contract in place to protect both yourself and the tenant. Here are some key elements to include in your contract:
1. Rent: This may seem obvious, but be sure to clearly state the monthly rent amount and when it is due. Also include information on how the rent should be paid (e.g. check, bank transfer) and any penalties for late payments.
2. Security Deposit: It`s common to require a security deposit from your tenant before move-in. Make sure to specify the amount and when it will be returned (assuming there is no damage to the room).
3. Term: How long will the rental agreement be in effect? Typically this is a fixed term, such as six months or a year, but it can also be month-to-month. Be sure to include any provisions for renewing the agreement or terminating early.
4. Utilities: Who is responsible for paying for utilities (e.g. electricity, internet) and how will the costs be divided between you and your tenant? Make sure to include as much detail as possible.
5. Guest Policy: Do you have any restrictions on guests (e.g. no overnight guests for more than three consecutive nights)? Be sure to spell out any guidelines in your contract.
6. Use of Common Areas: Will your tenant have access to common areas in the house (e.g. kitchen, living room)? If so, make sure to specify any rules or limitations (e.g. no cooking after 10pm).
7. Maintenance and Repairs: Who is responsible for maintaining the room and any appliances included in the rental? What if there`s a repair needed – who pays for it?
8. Household Rules: If you have any additional rules or guidelines you`d like your tenant to follow (e.g. no smoking, quiet hours after 11pm), be sure to include those in the contract.
Having a comprehensive contract in place will help ensure a smooth and stress-free experience for both you and your tenant. Be sure to review it carefully together and answer any questions they may have before they move in. With the right roommate and a solid contract, you can enjoy a harmonious living arrangement.